- The Agora Policy, an Abuja-based think tank, projects increased occurrence of floods, droughts, erosion and rising sea levels.
- The report urged Nigeria to embrace the green economy’s opportunities and pursue a low-carbon and climate-compatible development path.
A new report has disclosed that as of 2020, Nigeria lost at least $100 billion annually to the effects of climate change. The report by Agora Policy titled “Climate Change and Socio-Economic Development in Nigeria” warns that the country could lose trillions of dollars in manufacturing, construction and oil and gas assets likely to become stranded as the world gravitates to a green economy.
The report noted that climate change compounds poverty challenges and undermines the achievement of Sustainable Development Goals in Nigeria. It also puts Nigeria at risk of becoming one of the worst-affected countries if urgent and bold actions are not taken. In addition, the report urged Nigeria to embrace opportunities offered by the green economy and pursue a low-carbon and climate-compatible development path. “Nigeria risks becoming a stranded country. Climate change has the potential to further jeopardise Nigeria’s economic development and alter its geographical, social and political trajectory for decades,” the report read in part.
It also highlighted the different channels through which adverse effects of climate change could worsen in Nigeria and further compound the country’s developmental challenges. Some of the highlighted areas include projected 2.9 and 5.7 degree Celsius rise in temperature across different ecological zones in the country; increased occurrence of floods, droughts, erosion and rising sea levels; the likelihood that 75 per cent of the Delta could be lost; and further adverse effects on agricultural yields, food security, health burdens, water and energy sufficiency, peace and security, and adequacy and longevity of critical infrastructure.
However, the report also identified opportunities for Nigeria to address climate change while supporting economic growth and resilience. It stated, “Climate change offers economic competitiveness, energy security, and sustainable development opportunities. Nigeria can explore many climate-led opportunities to enable rapid economic growth, create jobs for a rapidly growing youthful and urbanising population, and address high levels of abject poverty and inequality through a just transition.”