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June 21, 2024

Nigeria May Lose $460bn to Climate Change by 2050 –Report

Agora Policy, an Abuja-based think-tank, has reported that Nigeria may lose $460 billion due to climate change by 2050 if necessary adaptation and mitigation actions are not taken. 

In the 84- page report titled, “Climate Change and Socio-Economic Development in Nigeria,” which was  officially presented to the public on Wednesday during a policy dialogue, themed: “Nigeria, Climate Change, and the Green Economy” in Abuja, p it was predicted that climate change may cause Nigeria to lose trillions of dollars in stranded assets.

The report states that climate change is increasing hunger, poverty, disease-burden, migration, conflict and insecurity in Nigeria, and that it is damaging infrastructure, changing Nigeria’s coastlines, fueling desertification, producing water scarcity, facilitating erosion and resulting in the loss of revenue for states and the national government.

The new report was produced and authored with the support of the MacArthur Foundation and was authored by agricultural specialists, professors and technologists. 

Part of the report reads: “The total economic cost of climate change to Nigeria is estimated to be about $100 billion cumulatively. Climate change may also cause Nigeria to lose trillions of dollars in stranded assets,” the 84-page report noted.

Meanwhile, the dialogue was part of the activities mapped out by Agora policy and other partners in the lead-up to the forthcoming 28th United Nations Climate Change Conference (COP28)

In his remarks, Kole Shettima, the Nigeria Office Director of the MacArthur Foundation, outlined the organisation’s efforts to provide access to clean energy, particularly in rural and low-income communities.

He emphasised that climate change affects different populations disproportionately, with the poor and disadvantaged being more severely impacted.

On his part, the World Bank Country Director for Nigeria, Shubham Chaudhuri, stressed the need for more coordinated action to address climate change issues in Nigeria.

He explained how the World Bank is supporting Nigeria in responding to climate change, with a focus on adaptation and mitigation efforts.

“Climate change adaptation is an overwhelming challenge, issues of rising temperatures, flooding, drought abound and we must move from policies to action. Nigeria must do more to improve access to energy resources so as to promote development, doing this will help all development efforts,” he noted.

While presenting the highlights of the report, Mr Okereke who is also the director of the Centre for Climate Change and Development, noted about 25 million Nigerians are at risk of flooding and 630 km2 of land is susceptible to flooding along the Niger-Benue basin in the Niger Delta area.

The expert explained that the direct estimate of loss and damages recorded from last year’s flooding is pegged at N1.48 trillion, while the total damage and loss, including indirect ones due to the flooding is about N2.6 trillion.

Researchers however, recommended that there is a need to strengthen national climate policy frameworks, strengthen institutional capacity, ensure adequate climate funding, fair energy transition, public awareness, collaborative approach, and targeted sectoral interventions among several others in order to mitigate the impending climate crisis.

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