At least N1 trillion is needed for immediate and short-term stabilisation and recovery of the North-East, an assessment and validation by multi-lateral institutions has shown.
Though the Nigeria’s North-East region has suffered damage put at about $9billion, a statement from the presidency, through one of its spokesmen, Laolu Akande, stated that “assessment revealed that over $6 billion would be needed for immediate and near-term stabilisation and recovery of the region.”
According to him, hope is rising for the return of millions of internally displaced Nigerians to their homes and communities as the planning for the rebuilding of the North-Eastern states affected by insurgency has advanced significantly.
Last week, he said, the pre-financing assessment jointly carried out by the federal and states governments alongside the global partners: the United Nations, World Bank and the European Union was completed at a workshop in Abuja.
The global partners who have signed a tripartite agreement to facilitate the assessment are now expected to support the federal government in the financing of the NorthEast reconstruction including an offer by the World Bank to make available $800 million towards the rebuilding.
There are also clear indications from the global partners to do more in terms of putting in place an institutional framework to rebuild, arranging financing even from other development agencies and additional sources.
During the final aspects of the assessment late last week in Abuja, international development partners and donors reiterated their commitments towards ensuring that key findings of the assessments are implemented.
This re-assurance was secured after the completion of the two-day validation and consensus building workshop in Abuja, convened by the Federal Government, World Bank, the European Union and the United Nations in conjunction with representatives of the six affected states to review findings and chart way forward.
Specifically the joint efforts of the federal and state governments with the global partners would now be directed to prioritizing the needed interventions and projects, arranging their sequence and coming up with an action plan.
For instance, the Sector Manager, Urban Development and Disaster Risk Management at the World Bank Headquarters in Washington, Mr. Idrissa Dia said the physical participation of the Bank at the validation workshop last week in Abuja was an affirmation that the global financial institution was encouraged by the initial feedbacks on the findings of the recovery and assessment.
He then reaffirmed the bank’s commitments and support towards the overall success of the planned interventions. Dia said the World Bank was set to mobilise other bodies in the World Bank Group and partners that might be interested beyond the existing donors on the project.