Nigeria is spending $39.67 billion which is nine per cent of the country’s Gross Domestic Product to address climate change in Nigeria, the Minister of Environment, Mohammed Abdulahi, said on Wednesday.
Nigeria’s GDP was worth $440.78 billion in 2021, according to official data from the World Bank. Nine per cent of this figure is $39.67 billion; hence, Nigeria may spend around this amount in tackling climate change, based on the disclosure of the Federal Government.
Abdulahi stated this while addressing African leaders during the inauguration of the African Carbon Market Initiative, a side event organised by the Climate Action at the ongoing COP27 in Egypt.
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He spoke on the efforts being made by the Federal Government to mitigate climate change and its impacts across the country, according to a statement issued in Abuja by the Federal Ministry of Environment.
“Abdullahi revealed that Nigeria submitted a highly ambitious Nationally Determined Contributions and is spending up to nine per cent of its GDP in addressing climate change,” the ministry stated.
The minister told participants that in 2021, Nigeria became the first African country to design a detailed Energy Transition Plan to tackle energy poverty and climate change, as well as deliver universal access to energy by 2030 and net-zero by 2060.
He also told the gathering that Nigeria was going through severe climate change issues.
Abdullahi called on African leaders to take decisive actions to mitigate the impact of climate change, stressing that the continent was at a critical time with respect to the world’s climate future.
Outlining some devastating effects of climate change in Nigeria and other parts of the world, Abdullahi said, “Our actions today and over the next few decades will determine the fate of future generations and the planet.
“This year, we witnessed disastrous extreme weather events from terrifying wildfires in the United States, to unprecedented heat waves in India, Pakistan, and Europe, to powerful floods in my country, Nigeria.
“These devastating floods have affected about 33 states, displacing over 1.4 million people, destroying over 100,000 hectares of farmland and causing about 600 deaths.
“In addition, we are witnessing increased desertification, erosion and pollution; the impacts of which are too severe to ignore.
“These glaring climate signals indicate that we do not have the luxury of time when it comes to the impacts of climate change,” the minister continued.
Speaking further, Abdullahi emphasised that Africa, despite contributing the least to both historical and current emissions, was currently shouldering the brunt of the impact of climate change to a disproportionate level.
This, he said, called for accelerated climate action.
He stressed that African leaders should strongly demand urgent and decisive climate action from developed countries that were most responsible for the emissions that cause climate change.
“We cannot afford any more delays; our people and nations are on the line,” Abdullahi stated.
He drew attention of investors and the international community to the investment opportunities inherent in the Energy Transition Plan of Nigeria, advocating continued global collaboration in the drive to tackle climate change.
