By Fatima Saka
In fast tracking the effects of climate change and
adaptation, the Minister of Environment,
Mohammed H. Abdullahi, has said it will require
billions of US dollars annually, for a country like
Nigeria to meet up with the 2030 Paris Agreements
Nationally Determined Contributions (NDC), and as
targeted 2050.
The minister made the disclosure on Thursday in
Abuja at the NatureNews second anniversary
lecture on “Climate Financing for Sustainable
Environment in Nigeria” and HEAD Awards
presentation.
Abdullahi reiterated that in maintaining a low-
emission and climate-resilient development
pathways, it will often require upfront investments
that could be costlier than conventional solutions.
The minister further explained by giving an instance
that it would require at least USD17.7 billion of
Nigeria’s contribution to the global 1.5 degrees
centigrade temperature goals.
“The UNFCCC COP28 President Designate Sultan
Ahmed Al Jaber has acknowledged recently that the
world is way off the Paris Agreement roadmap to
1.5 degrees centigrade temperature goal and will
require at least a capitalisation of additional USD 40
billion by 2025 for the global south to return on
track.
” In realizing resilience to negative impacts of
climate change is beyond preparing to overcome
or cope with flooded farms and land, erratic
weather presentations, increased, sea level rise
and damaged infrastructure.
“We will need to fortify our socio-economic
systems, also, Climate Finance Landscape Study
done for Nigeria in 2022 shows that in
2019/2020, an average of USD 1.9 billion per year
of public and private capital was invested in
climate-related activities in Nigeria.
“This is only 11% of the estimated USD 17.7 billion
required to implement Nigeria’s updated NDC.
There is obviously an investment gap for Nigeria’s
priority sectors.
“Financial support is critical to building resilience.
However, accessing international climate finance
has been an uphill task for a lot of developing
countries, including Nigeria.
“It has been duly recognized that the current
global climate finance architecture is unable
to operate efficiently, fairly, and at the speed and
scale needed within the decisive decade.
“It is in this realization that Nigeria took the bold
step finance climate compatible development
through the collaborations between the
Environment Ministry, other Financial Systems of
government and the Capital market to issue Sub-
Saharan Africa’s first ever Sovereign Green
Bonds in 2017 and a second in 2018.
“Opportunities to expand the national climate
finance space with the new establishment of the
Climate Change Act in 2021 and the Council. The Act
establishes a carbon market. This will ensure private
sector engagement alongside scaling up financial
Bows for climate action.
“Ladies and Gentlemen, it is hoped that forums
such as these will inform and facilitate discussions
among policymakers and public and private
financiers, identify gaps and opportunities for
scaling climate finance in Nigeria.
“The policy framework for climate mitigation and
resilience building is currently adequate. However
to deliver sustainable economic growth there is a
need to have a climate finance framework,
international and domestic that will enable
equitable access, national ownership, and effective
management and monitoring.
“In another vein, it is gladdening to know that
efforts by individuals in the climate change action
and sustainability space are being acknowledged
and recognised and awards presented today.
“As we congratulate the winners, I reiterate that
environmental action is collaborative, and all non-
state actors and stakeholders are invited to join
towards creating a sustainable environment for all
Nigerians,” the minister.