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Financing of mangrove harvesters

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Provision of support for pro-poor mangrove dependents (commercial mangrove harvesters) in livelihood alternatives. To minimize deforestation/dependence on mangrove as the sole means of livelihoods among some locals, the project will provide support for commercial mangrove harvesters in agro enterprises that can enhance livelihoods without jeopardizing the mangroves like bee farming, snail farming, rabbit farming,grass-cutter farming. The project targets about 500 locals/pro-poor mangrove dependents organized into 50 farming groups/co-operatives (5 members per group) with each receiving a revolving loan of $100.
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Loan amount: $92.35
Variant price modifier:
Amount to be repaid: $98.81
Interest: $6.46
Description

The Niger Delta mangrove together with the creeks and rivers are a major source of food and livelihood for about 30 million people, which represents more than 17% of Nigeria's population. Other ecosystem services provided by this unique environment are flood control, ground water re-fill, reservoir of biodiversity, fuel wood, cultural values etc. This ecosystem also plays important role in climate change mitigation because of its high blue carbon sequestration potential. This is particularly important because of continuous gas flaring in Niger Delta from petroleum operations, which releases carbon dioxide among other gases into the atmosphere. Mangroves constitute important nurseries for fishes, crabs, shrimps, Mollusks, crustaceans, sponges, algae and other invertebrates, and also acts as a sink, retaining pollutants from contaminated tidal water. They  are also used as shelter and breeding grounds by small mammals, shore birds, reptiles, and insects.The ecosystem remain a source of valuable resources essential for the livelihood and survival of the indigenous coastal people: sea food;fuel wood,  medicines, soaps, honey, oils, and tannins. Unfortunately, this unique ecosystem is on the decline and at the verge of been totally lost. Mangrove forests are deforested ,with the trees  cut for timber, fuel etc.

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