Nigeria is at risk of losing $460 billion due to climate change by 2050 if immediate measures are not taken to mitigate its adverse impacts, according to a report by Agora Policy, News About Nigeria reports.
Titled ‘Climate Change and Socio-Economic Development in Nigeria’, the report also highlighted that the country had already lost $100 billion to climate change by 2020.
The report emphasised the urgent need for strengthened climate policies, institutional capacity, climate funding, fair energy transition, public awareness, collaboration, and targeted sectoral interventions.
The findings were presented during a policy conversation event in Abuja ahead of COP28.
The report revealed that 25 million Nigerians are at risk of flooding, with 630 km² of land susceptible to flooding in the Niger-Benue basin.
It also warned that approximately 357,000 people in Lagos are exposed to flooding, and this number could rise to 3.2 million by 2050.
The direct estimate of damage and loss from flooding in 2022 was calculated at N1.48 trillion, with total damage and loss, including indirect impacts, reaching about N2.6 trillion.
The Director of the Centre for Climate Change and Development, Prof Chukwumerije Okereke, stressed the importance of national climate policy frameworks, institutional capacity building, adequate climate funding, fair energy transition, public awareness, collaborative approaches, and targeted sectoral interventions.
During the event, Waziri Adio, the Founder of Agora Policy, highlighted the inadequate attention given to climate change in Nigeria, emphasising the urgent need for action to prevent catastrophic consequences.
Akintunde Babatunde, the Director of Programmes at CJID, emphasised the need for effective implementation of existing climate change policies, proper use of financial investments, and widespread awareness through the media.
The one-day policy conversation was organised in partnership with various organisations, including the Shehu Musa Yar’Adua Foundation, the Cable Newspapers, the Centre for Journalism Innovation and Development, Clean Technology Hub, CCCD, and Nature News.
