By Faridat Salifu
Nigeria requires more than $10 billion annually to address climate vulnerabilities, yet only a fraction of this is currently being mobilised, a new report by Connected Development (CODE) and Oxfam has revealed.
The report, The State of Climate Finance in Nigeria, was presented on Tuesday at a media discourse in Abuja, bringing together journalists, civil society groups, and government officials to discuss the country’s climate financing outlook ahead of COP30 in Brazil.
According to the findings, Nigeria needs approximately $17.7 billion each year to meet its climate targets, but just $4.93 billion has been disbursed over the past seven years, leaving an estimated $7 billion annual gap despite more than 200 climate-related projects launched in recent years.
Agriculture, renewable energy, and water resources received the largest share of climate funds, but challenges such as limited local fund management capacity, weak community engagement, and regulatory barriers continue to restrict access.
The report also highlighted that rising loan obligations are worsening Nigeria’s debt burden, while underutilised grants, which could ease fiscal pressure, remain largely untapped.
CODE urged reforms in climate budgeting, known as green budgeting, calling on government ministries and agencies to mainstream climate targets into annual fiscal planning to ensure resources are allocated efficiently.
Analysis of the 2024 federal budget shows adaptation projects received 56 percent of climate allocations, mitigation projects 11 percent, administrative costs 32 percent, while climate education and finance mobilisation accounted for less than 0.5 percent combined.
The Federal Ministry of Environment commanded 64 percent of the climate budget, with priority spending on erosion control, flood management, and pollution prevention.
Speaking at the event, Enebi Opaoluwa, Head of Natural Resource and Climate Governance at BudgIT Foundation, emphasised the need for greater transparency, citizen participation, and climate-responsive public budgeting to close Nigeria’s finance gap.
“The communities are already bearing the brunt of climate shocks, and without accountable use of funds, vulnerabilities will deepen,” he said.
The Nigerian Climate Change Council (NCCC) was identified as a key actor in driving reforms, coordinating domestic climate funding, and supporting sub-national governments in implementation.
Experts stressed that stronger collaboration between government, civil society, and the private sector is critical to mobilising resources for climate action and ensuring long-term sustainability as extreme weather events intensify across the country.
Etta Michael Bisong, Abuja Bureau Chief of EnviroNews, also spoke at the event, highlighting the importance of environmental reporting, UNFCCC processes, and climate finance education in Nigeria as tools for mitigating the adverse effects of climate change.
Michael explained that environmental reporting involves gathering, analysing, and communicating information on issues such as greenhouse gas emissions, biodiversity loss, deforestation, pollution, renewable energy, and sustainable agriculture to educate the public, promote accountability, and amplify the voices of vulnerable communities.
She further noted that the UNFCCC process provides a platform for governments, civil society, and technical experts to negotiate emission reduction targets, adaptation strategies, and financial support commitments through annual Conferences of the Parties (COP).
Key agreements under the Convention include the 1997 Kyoto Protocol, mandating emissions reductions by industrialised nations, and the 2015 Paris Agreement, which introduced Nationally Determined Contributions aimed at limiting global warming.
Climate finance, a central pillar of the UNFCCC and Paris Agreement, flows from public, private, and market-based sources to support mitigation projects such as renewable energy and reforestation, as well as adaptation initiatives like flood defences and drought-resistant crops.
Developed countries remain the primary providers of climate finance, while African nations, including Nigeria, are major recipients due to their vulnerability to climate shocks.
Mechanisms supporting climate finance include the Green Climate Fund, Global Environment Facility, Adaptation Fund, and the Loss and Damage Fund established at COP27 in 2022.
Journalists covering climate finance were urged to track UNFCCC reports, engage with African negotiators, attend civil society briefings, and verify financial pledges to ensure transparency, accountability, and that funds reach local communities.
Experts expressed the view that accurate and accessible reporting of climate finance will empower citizens, strengthen policy outcomes, and help Nigeria mobilise resources to build resilience and achieve sustainable development.