Agro-Allied Expansion: The Green Climate Finance Perspectives

Abstract

Research projections indicate persistent agricultural strain as rainfall levels are set to continue declining while temperatures increase due to ozone layer depletion and climate change. There is food shortage for the teeming populace in Nigeria thus having its negative effects on the people and the economy. The shortfall in food supply could be adduced to climate change, insecurity, poor agricultural credit facility, poor government policy roadmap e.t.c. This paper tends to x- ray the possibility of channeling the grant for agro- allied expansion by designing and fabricating farm tools for farming purposes, increase yield, food sufficiency and promotion of indigenous technology via the Green Climate Fund (GCF) supports. A weekly climate data were collected from two geographical zones (Southwest and North East) in Nigeria and their seasonal variation in land tilling actions were taken with appropriate financing mechanism of the United Nations (UN) which provided a grant of 2.5 million dollars to the Bank of Industry (BOI) through the French Development Agency (FDA) being one of the entities accredited by the Green Climate Fund. This technical assistance grant strengthens Bank of Industry’s capacity by providing funds for agro- allied tools and development of eligible climate-related projects financed with commensurable annual yields of grains in tons. It is concluded that the overall agricultural framework has solved the perennial acute shortage of food and revamp the economy.