ASHENEWS reports that a new policy report on climate change in Nigeria has observed that the country is currently losing $100 billion annually to climate change.
The report, published by Agora Policy, a Nigerian think tank and non-profit was released on Monday in collaboration with the MacArthur Foundation.
The report titled “Climate Change and Socioeconomic Development in Nigeria” highlights the urgent need for Nigeria to take bold, actionable steps in responding to climate change.
Failure to do this puts the country at risk of becoming one of the worst-affected countries by the crisis, with grave implications for the country’s currently fragile economic, social, and human development indicators.
“The total economic cost of climate change to Nigeria is estimated to be about USD100 billion 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 jeopardize the country’s economic development and alter its geographical, social, and political trajectory for decades or centuries.”
This concern is in addition to the damage to infrastructure, changing coastlines, desertification, water scarcity, erosion, and loss of revenue for states and the national government.
This is in addition to the increasing risk of hunger, poverty, disease burden, migration, conflict, and insecurity.
More worrisome is the fact that some of the repercussions of climate change on the nation may be irreversible.
According to the report, the significant threats posed to Nigeria’s economic development by climate change however present an opportunity for the country to diversify its economy, expand the country’s energy portfolio, address energy security concerns, and increase global economic competitiveness.
“To transform 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 recognize 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.
The report maintained that actual action by the federal government 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, therefore, recommended that the federal government come up with methods to industrialize and transition without substantially increasing the country’s emissions profile.
“To accomplish this, Nigeria willneed to implement mitigation and adaptation strategies that considerably enhance its macroeconomic stability, economic transformation, and job creation, while minimizing the negative impacts of climate change on development.
“Whether Nigeria will swim or sink in the face of climate change and the global green growth transition will depend on its willingness to take urgent action now and re-align its national development strategies towards a low-carbon economic future,” the report added.
