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Climate Finance: The Urgency of Climate Action in Nigeria

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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


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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DStv, GOtv Bouquet Prices Remain Unchanged- Multichoice Nigeria

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Multichoice Nigeria, owners of DStv and GOtv has refuted reports circulating online that the company has reduced the subscription prices for users in Nigeria.

DStv, GOtv Bouquet Prices Remain Unchanged- Multichoice Nigeria

The paytv provider however said that only decoder prices were reduced but subscription prices remained unchanged.

“We only reduced our decoder prices and not subscription prices,” the source said.

Some online media and some users on X formerly Twitter, had yesterday shared unconfirmed announcements of reduction in prices.

A source close to Multichoice however said that “The DStv Zapper was slashed from N65,000 to N22,900 while the Zapper and the dishkit were slashed from N100,000 to N57,900. For GOtv, the Pizza Box was slashed from N56,000 to N19,900 and all of these took effect from the 1st of June 2024.”

MultiChoice Nigeria is in the midst of a legal battle following a ruling by the Competition and Consumer Protection Tribunal (CCPT) that fined the paytv operator the total sum of N150 million for challenging the court’s jurisdiction and ordered the company to provide a one-month free DStv and GOtv subscription to users in the country.

The judgement was delivered two weeks ago by a bench of three judges, led by Justice Thomas Okosu.

Multichoice Nigeria has however reportedly filed an appeal against the ruling.

 

 


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Multichoice Group’s N31.6Bn Trapped in Closed Heritage Bank 

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Multichoice Group, owners of DStv and GOtv, had an account balance of N31.6 billion with Heritage Bank, before the bank’s liquidation, according to the group’s annual report for FY 2024.

Multichoice Group’s N31.6Bn Trapped in Closed Heritage Bank 

Multichoice had a deposit of N33.7 billion (488 million South African Rands) with the bank as of the 2024 fiscal year end on March 31, 2024.

However, that balance was subsequently reduced to N31.6 billion (ZAR 400 million) due to cash remittances before the bank’s liquidation on June 3, 2024.

The significant deposit raises concerns for the group, as the sum far exceeds the N5 million maximum payout guaranteed by the Nigeria Deposit Insurance Commission (NDIC).

However, according to Multichoice’s annual report, the group will engage the liquidator (NDIC) to “ensure a reasonable outcome is achieved”.

Recall that NDIC had June 3, 2024, announced the liquidation of Heritage Bank. The statement specified that depositors with funds exceeding N5 million will receive a liquidation dividend, contingent upon realising the bank’s assets and recovering its outstanding debts.

In line with this step of selling the bank’s assets, the NDIC has announced a public bidding process for the sale of Heritage Bank assets.

The NDIC through a newspaper advert on June 13, 2024, noted,

“The Nigeria Deposit Insurance Corporation in the exercise of its rights as Liquidator of failed Deposit Money Banks hereby invites interested members of the general public to buy the assets (landed property and chattels) of defunct Heritage Banks through public competitive bidding.”

Multichoice and Heritage Bank had strong ties in the past, as the bank was a sponsor of the group’s endeavours, such as Big Brother Naija and the Africa Magic Viewer’s Choice Awards (AMVCA).

 

 

 


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QNET Celebrates Father’s Day by Empowering Dads with Business and Wellness Solutions

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In celebration of Father’s Day, QNET, a leading global e-commerce company, reaffirms its dedication to empowering dads around the world with business opportunities and wellness solutions. Acknowledging the crucial role fathers have in families and communities, QNET is providing them with the chance to excel effortlessly in their roles through its direct selling business opportunity, along with products that enhance their wellness and lifestyle.

QNET

A recent report on Balancing work and dad duties in Nigeria recognises the sacrifices incredible Nigerian fathers make to be providers and active caregivers.

The report highlights the challenges fathers face in balancing work and family life. Understanding these challenges, QNET is dedicated to empowering aspiring entrepreneurs, particularly fathers, by providing them with the tools and support they need to succeed.

For fathers who aim to build a better future for their families, the company offers a platform that not only helps kick-start their businesses but also nurtures their growth. Through QNET’s business platform, fathers gain access to comprehensive product and business training and customer support, ensuring that they have the knowledge and skills necessary to thrive and feel empowered in their entrepreneurial journey.

“We believe that every father deserves the chance to succeed both professionally and personally,” said Biram Fall, Regional General Manager, QNET Sub-Saharan Africa.

“Our mission is to provide fathers with the opportunities and resources they need to achieve their goals and support their families.

“Through our business opportunities and health-promoting products, we are dedicated to empowering fathers to build better lives for themselves and their loved ones.”

In addition to business opportunities, QNET offers a variety of products designed to help men lead healthier and more fulfilling lives.

This Father’s Day, QNET is highlighting two exceptional products that exemplify this commitment: QAlive and the Bernhard H. Mayer 150th Anniversary timepiece.

QAlive is a plant-based supplement that naturally increases testosterone levels for men’s complete health and performance. Packed with essential nutrients and antioxidants, QAlive supports immune function, boosts energy levels, and helps fathers stay healthy and active.

The Bernhard H. Mayer 150th Anniversary watch is more than just a timepiece; it symbolizes sophistication and success. Designed with precision and style, it is perfect for the modern father who values both functionality and elegance. With its advanced features and sleek design, the Bernhard H. Mayer wristwatch is a testament to QNET’s dedication to quality and innovation.

“Fatherhood is a journey of resilience, sacrifice, and unwavering love. We recognize the profound impact fathers have on shaping the future.

“This Father’s Day, we stand alongside fathers worldwide, offering not just products, but distinct products created through extensive research.

“These products have been rigorously tested and proven effective in promoting good health and wellbeing” remarked Hakeem Ajisafe, Chief Executive Officer, Transblue Limited.

This Father’s Day, QNET invites everyone to celebrate the fathers who work tirelessly to provide for their families and communities. By offering unparalleled business opportunities and top-tier health products, QNET continues to support and empower fathers to reach their full potential.


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