Nigeria loses $100bn annually to climate change – Report - Punch Newspapers
Nigeria loses $100bn annually to climate change - Report
Climate change costs Nigeria about $100bn annually, an Agora report has stated.
“The report titled “Climate Change and Socio-Economic Development in Nigeria, “ noted that climate change was increasing hunger, poverty, disease burden, migration, conflict, and insecurity in Nigeria, damaging infrastructure and changing the country’s coastlines.
It added that it was fuelling desertification, producing water scarcity, facilitating erosion and resulting in the loss of revenue for states and the national government.
It stated, “The total economic cost of climate change to Nigeria is estimated to be about $100bn annually. Climate change may also cause Nigeria to lose trillions of dollars in stranded assets. With these far-reaching negative effects on the country’s human and natural systems, climate change has the potential to jeopardise the country’s economic development and alter its geographical, social, and political trajectory for decades or centuries.
“Some of the repercussions of climate change on the nation may be irreversible. Therefore, it should be evident that climate change is not a marginal or peripheral issue that the government and the people of Nigeria can take lightly.”
According to the report, even though climate change poses significant threats to Nigeria’s economic development, it also presents an opportunity to diversify the economy, expand the country’s energy portfolio, address energy security concerns, and increase global economic competitiveness.
“Transforming climate change from a significant threat into an opportunity requires deliberate planning supported by immediate, bold, and courageous action. There is evidence that successive Nigerian governments recognise the enormous threat of climate change and the necessity for action, as indicated by a plethora of policy declarations, documents, and a new National Climate Change law. However, the actual action is still behind schedule.
“The government has not yet established a clear roadmap for the effective and comprehensive implementation of key policies and commitments, and there are no clear budgetary provisions for their implementation.”
It noted that incorporating climate considerations into economic development strategies could result in inclusive and sustainable growth.
It advised, “Such a move can provide Nigeria with excellent opportunities to construct a climate-resilient economy that not only promotes growth and reduces poverty, but also creates good green jobs and contributes to the reduction of greenhouse gas emissions and environmental sustainability. By proactively addressing the issue of stranded assets, Nigeria will be able to position itself for a more resilient and prosperous future.
“The emphasis should be on finding methods to industrialise and transition without substantially increasing the country’s emissions profile. To accomplish this, Nigeria will need to implement mitigation and adaptation strategies that considerably enhance its macroeconomic stability, economic transformation, and job creation, while minimising the negative impacts of climate change on development.”
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”