The Africa Policy Research Institute (APRI) has said that the country has to raise more money to be able to deal with climate change.
The Executive Director of APRI, Mr Olumide Abimbola, stated this Monday at the one-day event titled: Unlocking Climate Finance, Actionable Pathways for Nigeria’s Low Net Emission Growth in Abuja.
He stated that for Nigeria to get more funding in the future, its development plans and aspirations must be aligned with climate financing.
Speaking with journalists at the event he said even if Nigeria has previously raised funds, what has been raised is insufficient to address the difficulties and the challenges of the country.
“We see the effect of drought, we see the effect of flash floods and pressure on the fiscal position of the government and the country in general. So no matter the amount that was raised in the past, it is very clear that Nigeria needs to raise a lot more money for climate action in general and specifically for development planning,” he said.
He stated that it’s imperative for Nigeria to link its development objectives with climate finance, as failing to do so will make future funding efforts more challenging.
“We know that climate change is already inflicting immense damage on lives and livelihoods, often to the people who have the least capacity to adapt to its effects such as in Africa.
“In the six years between 2012 and 2018, extreme weather events in the form of floods and droughts cost Nigeria over 31 billion dollars,” he said.
Speaking on ‘Rethinking Nigeria’s Climate Strategy’ in a session chaired by Dr Habiba Daggash, Fellow, the Energy for Growth Hub expert said Nigeria needs to do more to attract funding from energy transition financiers.
Ms Nana Skari Maidugu, Head Sustainability & ESG, Nigerian Sovereign Investment Authority and Abdulkadir Oladapo, Infrastructure Finance Portfolio Management Lead, UK Nigeria Infrastructure Advisory Facility explained various ways Nigeria can attract more funds into the country.
The event brought together many experts from the public and the private sector, farmers’ associations, climate activists and members of the diplomatic community to re-examine the country’s pathways to sustainable climate actions and unlocking climate finance.
