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Climate Finance: The Urgency of Climate Action in Nigeria
By Grace Oluchi Mbah, Co-Founder and Executive Director, Climate Action Africa
Nigeria, Africa’s most populous nation, is facing a critical challenge: climate change. The country is highly vulnerable to the devastating impacts of a warming planet, including extreme weather events like floods and droughts, rising sea levels, and ecological disruptions. These changes threaten not only Nigeria’s environment but also its economic growth, social development, and overall well being.
There was a time when we could reasonably predict the weather in Nigeria. Rainy and dry seasons arrived at specific periods in the year, allowing for preparation, especially among rural farmers. By monitoring the seasons, farmers could cultivate crops and achieve bountiful harvests.
Nigeria’s rainy seasons have changed. Once a land of consistent rain, the country now experiences more intense downpours followed by longer dry periods. This disrupts agricultural production, leading to food insecurity. Floods caused by heavy rains destroy crops and infrastructure, displacing communities. Since September 2022, the worst floods in a decade have affected 3.2 million people across Nigeria, of whom an estimated 60 percent are children. Anambra, Bayelsa, Cross River, and Jigawa States have seen the highest numbers of displaced persons.
In Northern Nigeria, conflict may have continued to drive population displacement, disrupt livelihood activities, and restrict market access. However, the region’s suffering intensifies due to its particular vulnerability to droughts caused by rising temperatures and reduced rainfall. Lake Chad, a vital source of water for millions, is shrinking at an alarming rate. Since the 1960s, the lake has shrunk by around 90%. This recession of water is a result of both reduced precipitation induced by climate change and the development of modern irrigation systems for agriculture, alongside the increasing human demand for freshwater.
Coastal cities like Lagos face the risk of inundation due to rising sea levels. This saltwater intrusion contaminates freshwater sources and threatens coastal ecosystems. Erosion caused by rising sea levels destroys infrastructure and can displace populations. If global warming exceeds 2°C, Lagos State is predicted to see a 90cm rise in sea level by 2100.
Some other current climate change issues in Nigeria include frequent and intense heat waves, deforestation, overgrazing, and extreme weather events that contribute to land degradation. There is no doubt that Nigeria faces a real climate change challenge. It is imperative that the government and other stakeholders put in place mitigation and adaptation projects, such as developing renewable energy sources and reducing emissions, as well as adaptation efforts, including building resilient infrastructure and fostering community resilience, to curb climate change challenges in Nigeria.
A solution to Nigeria’s rising climate change challenge is climate finance. Climate finance refers to local, national and transnational financing that is drawn from public, private and alternative sources of financing that seeks to support mitigation and adaptation actions that will address climate change. Climate finance plays a critical role in empowering developing nations like Nigeria to combat climate change. It provides the much-needed resources to implement mitigation and adaptation strategies that safeguard the environment and bolster climate resilience.
While Nigeria has ambitious climate goals enshrined in its Nationally Determined Contributions (NDCs) – a pledge under the Paris Agreement to reduce greenhouse gas emissions – achieving them hinges on a crucial factor: climate finance.
Climate finance serves as a crucial instrument for Nigeria to confront its climate change challenges. It encompasses various funding sources, that includes, multilateral aid in form of grants and concessional loans provided by developed countries and international organizations. Investments from banks, insurers, and asset managers in climate-smart projects that emanate as private sector investment and carbon pricing mechanisms which are revenue generated from carbon taxes or emissions trading schemes.
By effectively deploying climate finance, Nigeria can invest in renewable energy sources like solar and wind power which can lessen reliance on fossil fuels and reduce greenhouse gas emissions. Funds can be directed towards strengthening infrastructure to withstand extreme weather events, developing climate-resistant crop varieties, and improving early warning systems. Support for the adoption of sustainable agricultural practices that enhance food security and reduce deforestation can also be achieved.
The Funding Gap and the Urgency for Action
Nigeria’s current climate finance scenario paints a concerning picture. Estimates suggest the country receives around $1.9 billion annually, a far cry from the estimated $17.7 billion required to meet its NDC targets by 2030. This significant funding gap translates to a lack of resources for crucial climate action initiatives.
The consequences of inaction are dire. Studies by the Department for International Development (DFID) indicate that climate change could cost Nigeria between 6% and 30% of its GDP by 2050. This economic strain, coupled with environmental degradation and social upheaval, could significantly destabilize the nation.
Bridging the climate finance gap necessitates a multi-pronged approach involving various stakeholders:
Public Sector: The Nigerian government must prioritize climate finance allocation within its budget. Innovative mechanisms like carbon taxes and green bonds can be explored to generate additional revenue for climate projects.
Private Sector: The private sector has a vital role to play. Banks and financial institutions need to develop financial products that incentivize investments in low-carbon and climate-resilient technologies. Additionally, corporations should factor climate risk into their decision-making processes and invest in sustainable practices.
International Community: Developed nations have a responsibility to support developing countries like Nigeria in their climate efforts. Fulfilling pledges made under international agreements like the Green Climate Fund is crucial.
Despite the challenges, there are positive developments on the Nigerian climate finance landscape. In November 2021, The Climate Change bill was signed into law by President Buhari in order to provide Nigeria with a legal framework for climate action, fostering transparency and accountability in climate finance management. Nigeria also issued sovereign green bonds to finance renewable energy projects, demonstrating a commitment to sustainable development.
Nigeria’s climate action journey will require sustained efforts and strategic partnerships. Some key areas for focus are:
Enhancing Transparency and Accountability: Clear reporting mechanisms and robust governance structures are essential to ensure that climate funds are used effectively and efficiently.
Capacity Building: Building domestic expertise in climate finance management is crucial. Training programs and knowledge-sharing initiatives can equip stakeholders with the necessary skills to navigate the complexities of climate finance.
Unlocking Private Sector Investment: Creating an attractive environment for private sector investment in climate solutions, through policy incentives and de-risking mechanisms, is essential.
Climate change is an existential threat to Nigeria, but it also presents an opportunity for transformation. By mobilizing adequate climate finance, Nigeria can build a low-carbon and climate-resilient future. This will require a collective effort from the government, private sector, and international community. With decisive action and innovative solutions, Nigeria can not only safeguard its environment but also secure a sustainable and prosperous future for its citizens
Broadcasting Organization of Nigeria (BON) has established six committees to help strengthen and modernize the country’s broadcasting industry.
The committees will focus on content creation, skills development, digital transformation, sustainability, policy and commercial opportunities
The initiative aims to support industry growth and improve collaboration between broadcasters, regulators and media experts
The official launch recently, was led by Tony Akiotu, president, BON and attended by media professionals, program directors, former journalists and heads of specialized media organizations.
The event brought together several prominent figures in Nigeria’s media industry, including veteran broadcaster and trainer Bimbo Oloyede, Tony Uyah of M4S TV, Kingsley Uranta of Channels Television, Ismael Sani of Platinum TV and Ibrahim Shehu of Trust TV.
Together, they are expected to help drive innovation and support the growth of Nigeria’s broadcasting sector.
According to Akiotu, the committees are intended both to help shape industry policy and to provide a forum for dialogue between BON and broadcasting experts.
Akiotu said the ad hoc committees were intended to strengthen BON’s work and ensure that the umbrella body for Nigeria’s broadcasters played a more direct and meaningful role in developing the country’s broadcasting sector.
The six committees reflect the sector’s main priorities. The first focuses on collaboration and innovation to promote content creation.
The second is dedicated to training and talent development, while the third focuses on industry sustainability by improving the sector’s long-term financial viability.
A fourth committee will focus on digital transformation and work with the National Broadcasting Commission (NBC) on regulatory issues.
The remaining two committees will oversee public policy advocacy and the development of sports and commercial rights to help broadcasters increase revenue and attract more investment. Together, the committees are expected to guide BON’s efforts to modernize and strengthen Nigeria’s broadcasting industry.
The committees, chaired by members of BON’s General Assembly and supported by the organization’s Secretariat, have an initial 12-month mandate that may be renewed if necessary.
They are required to submit a progress report within three months and implement approved recommendations within the following six months.
The arrangement is intended to ensure close oversight and the timely implementation of their work.
Akiotu also reminded committee members that Nigeria pioneered television broadcasting in Africa and urged them to carry out their work with greater effectiveness and efficiency.
Nigerian Education Loan Fund (NELFUND) says it is investigating about 34 tertiary institutions over allegations that they failed to refund students whose tuition fees were paid twice under the Federal Government’s student loan scheme.
The Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed this during an interview on Arise Television.
Sawyerr said the agency had deployed a five-member investigative team, including operatives of the Economic and Financial Crimes Commission (EFCC) and internal auditors, to examine the allegations.
According to him, the investigation was prompted by numerous complaints received from affected students.
“As of right now, there are 34 institutions that we are looking at closely with respect to this issue,” he said.
Sawyerr explained that the double payment issue arose because President Bola Tinubu directed that the student loan scheme commence in the middle of an academic session instead of at the beginning.
He said the decision compelled many students to pay their tuition fees to meet registration deadlines while awaiting approval of their loan applications.
“What happened is that a lot of schools got double payment; some from the students and some from us,” he said.
“The refund process is entirely out of our hands. It is the recipient of the double payments that is obliged to make refunds to the students.”
The NELFUND boss noted that many students had borrowed money from family members, friends and other sources to pay their tuition with the expectation of receiving refunds once the loans were disbursed.
He said while some institutions had promptly refunded affected students, others had failed to do so.
“Some have been very good at this. Others haven’t been so good at it,” Sawyerr said.
“I reserve judgement on the intentionality around it because, for some of them, they just didn’t have the process to make refunds.”
Sawyerr disclosed that NELFUND was exploring a tokenised payment system that would enable students to authorise tuition payments directly to their institutions, thereby reducing the likelihood of duplicate payments.
He said the agency deliberately chose not to disburse tuition loans directly to students to minimise the risk of fund diversion.
“Paying the funds to the students could really lead to the temptation for them to divert and do other things,” he said.
The managing director, however, acknowledged that NELFUND lacked the statutory powers to compel institutions to refund students or prosecute officials found culpable.
He added that many frustrated students had submitted complaints not only to NELFUND but also to anti-corruption agencies, including the EFCC and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Sawyerr also expressed concern over increases in tuition fees by some institutions following the introduction of the student loan scheme.
He said NELFUND had declined to pay institutions that increased their tuition fees beyond acceptable levels.
“Some schools, because they get paid easily, started to put up their fees. We refused, point blank, to pay institutions who had hiked their fees beyond a certain level,” he said.
He reaffirmed the agency’s commitment to investigating every reported irregularity and strengthening the implementation of the student loan programme through continuous monitoring and internal reviews.
Broadcasting
Obi, NDC Presidential Candidate Faces N50Bn Defamation Claim over Alleged Podcast Remark
Abayomi Arabambi, national vice chairman (South-West) of the Labour Party, has demanded a public apology, a retraction, and N50 billion in damages from Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), over an alleged defamatory statement made during a podcast interview.
The demand was contained in a letter issued by the law firm Neplus Ultra Attorneys and signed by Anderson U. Asemota, Peter O. Asimegbe, and Stanley C. Eziefulle on behalf of Arabambi.
According to the letter, the legal dispute arose from comments allegedly made by Obi during the interview, where he reportedly stated that Arabambi “does not have an address.”
Arabambi’s legal team described the statement as false, malicious, and defamatory, arguing that it portrayed their client as a faceless individual without legitimacy, credibility, or standing in public life.
The lawyers further claimed that the interview was widely circulated on television stations and digital platforms, exposing Arabambi to public ridicule and damaging his reputation.
“Our client has had a known residential and business address, maintains professional and political affiliations within Nigeria, and has never been a person whose whereabouts or identity were unknown,” the letter stated.
The legal team maintained that the alleged publication caused embarrassment and harmed Arabambi’s public image and political standing.
As part of their demands, the lawyers called for an unreserved public apology to be aired on national television, published on Obi’s verified social media platforms, and carried as full-page apologies in national newspapers.
They also demanded the payment of N50 billion as compensation for the alleged injury to Arabambi’s reputation, dignity, political standing, and public image.
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