By Faridat Salifu
The finance gap between available resources January the required investments for effective climate action in Nigeria is about $20.5 billion annually, the Minister of State for Environment, Dr. Iziaq Salako has disclosed.
He gave the hint on Tuesday in his keynote address at the Stakeholder Roundtable on Climate Budgeting and Green Accountability, held at the Shehu Musa Yar’Adua Centre, Abuja.
The minister commended attendees for their dedication to combating climate change, underscoring the significant impacts of climate change on Nigeria and the global community.
He said “Climate change is undoubtedly one of the most significant challenges of our time,” he stated adding that “Its impacts are felt globally, transcending borders and affecting every aspect of our lives.”
He highlighted the importance of integrating climate considerations into national budgeting processes to enhance the effectiveness of climate policies and promote transparency in the use of public funds.
“Climate budgeting is a fundamental tool in our endeavour to combat climate change,” he noted.
Salako outlined several key federal initiatives aimed at addressing climate change, including the National Climate Change Policy and the Climate Change Act, which provide a comprehensive framework for national climate action.
He also mentioned Nigeria’s pioneering issuance of sovereign green bonds in Africa, raising N25.69 billion to finance 39 projects focused on afforestation, renewable energy, transportation, agriculture, and water resources.
However, the minister acknowledged the wide gap between available resources and the required investments for effective climate action.
He said, “Despite these efforts, climate budgeting and green accountability have yet to enjoy the desired prominence commensurate with the heavy challenge of climate change confronting our country. ”
He said the nation has been experiencing approximately $20.5 billion annual climate financing gap.
Addressing the technical and institutional challenges, he called for continuous training, access to technology, and strengthened local institutions to effectively implement climate policies and programs.
“Many local governments in Nigeria lack the necessary institutional frameworks and skilled manpower to develop and implement climate budgets,” he pointed out.
Dr. Salako urged stakeholders to prioritize inclusive and equitable policies, innovative financing mechanisms, capacity building, and leveraging science and technology to develop effective climate solutions.
He emphasized the need for increased public awareness and engagement in climate action, stressing that “Nigerians need to understand better the importance of climate action and contribute to it.”
He called for a united front in the fight against climate change, urging all stakeholders to approach the discussions with a spirit of collaboration, innovation, and determination saying, “Together, we can build a future that is not only sustainable and resilient but also just and equitable.”
The roundtable, attended by government officials, industry leaders, and representatives from NGOs and civil society organizations, aimed to foster dialogue and cooperation to develop innovative solutions and effective strategies for addressing climate change in Nigeria.
