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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
Nigerian Institute of Public Relation’s (NIPR) governing council has announced the appointment of Rasheed Bolarinwa as the Chairman of its newly established FinanceHub Committee.
Rasheed Bolarinwa
Bolarinwa, who serves as the President of the Association of Communication and Marketing Professionals in Banks (ACAMB), will lead the committee aimed at enhancing sustainable Public Relations practices within the banking, insurance, and pensions sectors.
Bolarinwa, currently the Head of Brand Management and Corporate Communication at Polaris Bank, brings extensive experience from journalism, public relations, and the financial sector.
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His leadership is expected to drive significant improvements in PR practices across these financial sectors.
The FinanceHub Committee, which includes experts from banking, insurance, and pensions, is part of NIPR’s broader initiative to strengthen public relations across various sectors.
The committee’s formation aligns with NIPR’s strategy to foster sustainable and impactful PR practices in these critical areas of the economy.
In addition to Bolarinwa, NIPR has appointed other chairpersons for newly created sectoral hubs.
Mrs. Thelma Okoh will lead the Maritime Hub, Dr. Jossy Nkwocha will head the Energy Hub, and Mr. Basil Agboarumi will oversee the Aviation Hub. Dr. Ahmad Sajoh has been appointed to lead the Anti-Corruption and Consumer Protection Hub, while Miss Chimdi Neliaku will head the Young Practitioners Hub.
The appointment letters, signed by Uzoma Onyegbadue, Registrar/Secretary to the NIPR Governing Council, reflect NIPR’s commitment to enhancing public relations practices across these sectors.
NIPR Appoints Rasheed Bolarinwa as Chairman of FinanceHub Committee
At the inauguration of the new chairpersons and committee members, NIPR National President Dr. Ike Neliaku praised the appointees, highlighting their expertise and dedication.
“Your appointments are well-considered and reflect the confidence the NIPR council has in your abilities to advance the objectives of the Hub,” Neliaku stated.
He expressed enthusiasm for collaborating with the new appointees and emphasized the council’s support in driving positive change in public relations practices within their respective sectors.
The operator behind www.score808.com.ng, a website notorious for streaming MultiChoice content illegally, has been arrested by the the Intelligence Response Team (IRT) of the Force Intelligence Bureau of the Nigerian Police.
The Police said that the arrest is a significant victory against internet piracy.
This domain was allegedly infamous for illegally streaming MultiChoice (SuperSport) content, drawing millions of visits from across Africa and beyond.
According to a statement, the arrest, which took place recently, in Osogbo, Osun State, marked a major milestone in the ongoing battle against intellectual property theft and online streaming piracy.
The capture followed an extensive investigation that spanned several months.
Despite efforts to evade detection by frequently changing locations, the IRT’s relentless pursuit ensured the eventual arrest.
The suspect remains in Police custody, with substantial evidence pointing to involvement in large-scale illegal streaming activities.
If convicted, the suspect could face a prison sentence of up to five years, the statement added.
“he scale of the illegal operation is evident from the website’s traffic statistics. The domain www.score808.com.ng garnered 3.1 million visits globally, with over 1.2 million visits originating from Africa alone,” it added.
Frikkie Jonker, director of Broadcasting and Cyber Piracy at Irdeto, expressed appreciation for the Nigeria Police’s dedication and support in this operation.
He commented, “All forms of piracy continue to pose a significant threat to the creative industry. At Irdeto, we are fully committed to addressing every facet of piracy, whether it occurs online or through other means. The arrest of this notorious pirate is a testament to what can be achieved when law enforcement agencies and private sectors work hand in hand. We sincerely appreciate the Nigerian Police’s unwavering support, which has led to this positive outcome.
“Online streaming piracy is not only a criminal offense but also poses significant risks to customers. Users who access pirated content are often exposed to malware, phishing attacks, and other cybersecurity threats that can compromise their personal information. Additionally, by engaging with illegal streams, customers inadvertently contribute to the erosion of the creative industry, undermining the livelihoods of thousands of people involved in content production and distribution.
Senator Liyel Imoke, former Minister for Power and Steel, has been confirmed as the keynote speaker at the annual conference of the Guild of Corporate Online Publishers (GOCOP) scheduled for October 3, 2024 in Lokoja, the Kogi State capital.
This is just as attendance and participation by other highly fecund speakers and panelists have been confirmed.
They comprise, among others, former Chief of Army Staff, Lt-General Tukur Yusuf Buratai (Retd); the Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Aminu Maida; a Professor of Political Science at the Federal University Lokoja, Rotimi Ajayi, and an edutainment communicator and veteran broadcaster, Ms Debrah M. Ogazuma.
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Chairman, 2024 Conference Planning Committee, Danlami Nmodu, mni, disclosed these in a press statement issued by the Publicity Secretary of GOCOP, Sir Remmy Nweke.
According to the statement, Nmodu said that Imoke would lead discussion on the theme: “Nigeria: Tackling Insecurity, Power Deficit, and Transitioning to Digital Economy” at the Reverton Hotel, GRA Lokoja, Kogi State on Thursday, October 3, 2024 by 10am.
Senator Imoke was at a time Special Adviser to President Olusegun Obasanjo on Utilities and Chairman, Presidential Committee on OMPADEC and NEPA Technical Boards.
In 2007, Senator Imoke was elected Governor of Cross River State and served his people in that capacity from 29 May 2007 to 29 May 2015.
Imoke studied Law at the University of Buckingham, England for his LLB degree in 1985, and then studied at the American University in Washington, D.C., where he gained a master’s degree in Law. He completed his legal education at the Nigerian Law School, Lagos, in 1988.
He was earlier elected a Senator in 1992 and was in the National Assembly until the military incursion, following the annulment of the presidential election of June 12,1993.
He then went into private enterprise in 1993 as a Managing Consultant.
Retired Lt-General Buratai would be joined by Dr. Aminu Maida as Guest Speakers.
The statement stated that Professor Ajayi would join other panellists, including a former Commissioner in Kwara state and National Coordinator of West African Media Network (WAMNET), Ms Ogazuma.
The 2024 GOCOP conference is the 8th in the series and would be chaired by former Nigeria’s Ambassador to Spain, Yusuf Mamman.
The 2023 edition was chaired by the JAMB Registrar and Chief Executive, Prof Ishaq Olarenwaju Oloyede, while the first Nigerian Professor of Capital Market, Prof. Uchenna Joseph Uwaleke was the keynote speaker.
Previous speakers at the annual conference consisted of Rev. Matthew Hassan Kukah, the Bishop of the Catholic Diocese of Sokoto who delivered the 2019 lecture on “Economy, Security and National Development: The Way Forward.”
In 2021, Mr. Boss Mustapha, as the Secretary to the Government of the Federation and Chairman of the Presidential Task Force on Covid-19, keynoted the conference and spoke on: “Post Covid-19 Pandemic: Recovery and Reconstruction in Nigeria.”
Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission, delivered the keynote at the 2022 edition themed “2023 Elections: Managing the Process for Credible Outcome.”
GOCOP was established to ensure that online publishers uphold the tenets of journalism.
Membership of the Guild is a constellation of editors and senior journalists who, having distinguished themselves in their various positions in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
The Guild has over 104 corporate publishers as members.
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