Nigeria is experiencing adverse climate conditions with negative impacts on the welfare of millions of people with mounting vulnerability. This is evident with the rise in climate change related risks such as high temperatures, erratic rainfall, sea level rise, flooding and drought. For that, the nation is already grappling with many of the most disturbing consequences of climate change.
Persistent droughts and flooding, off-season rains and dry spells have rendered farming seasons out of sync, in a nation heavily reliant on rain-fed agriculture. Recently there has been a high propensity of heavy flooding in many parts of Nigeria, including the states in the Southern zone. Much of Nigeria’s urban population and economic activity is located along the at-risk low-lying coastline, including the Niger Delta and portions of Lagos in the South west. Risk exposures will increase with population growth in these areas.
Since 2012, floods have remained a recurring menace in Nigeria. Lives have been lost; people have been displaced from their homes and their properties destroyed; farms have been submerged leaving farmers wailing due to the destruction of their crops. The losses are quite enormous.
In October 2019, the level of flooding across the cities in Nigeria increased as well as the temperature of these regions.
The October 2019 Niger Delta Climate Conference and Regional Pre-COP25 meeting represented a milestone in the mobilization of stakeholders committed to pushing back on climate change. The Conference was organized by the African Centre Climate Actions and Rural Development (ACCARD) in collaboration with Federal University of Petroleum Resources Effurun (FUPRE). Participants agreed on the need for a broad stakeholders engagement to formulate common solutions and mobilize resources and other support towards climate management, especially in the Niger Delta.
The federal government recently called for regional stakeholders in the country to work together to tackle the climate change crisis. Mrs. Ibukun Odusote, Permanent Secretary of the Ministry of Environment, recently remarked that many people are not aware of the effects of climate change, hence the need to bring stakeholders together to map out strategies to educate communities. Education is necessary for a global response to climate change which will help people to understand and address the impact of global warming.
Adesola Olatunde, Senior Scientific Officer, Department of Climate Change in the Federal Ministry of Environment, told an audience at a Green Bonds conference that Nigeria embraced Green Bonds as an innovative and alternate way of raising domestic finance to fund its Nationally Determined Contributions (NDCs).
“The Green Bond is a financing mechanism to facilitate and assist Nigeria in meeting its Nationally Determined Contribution target and low carbon pathway for socio-economic development in line with the Economic Recovery Growth Plan (ERGP),” said Olatunde. She added that the issuance of the Green Bond also began the process of greening the federal budget upon the signing and ratification of the Paris Agreement and the commitment target of its NDCs.The Green Bonds market, she added, has created an opportunity to increase the profile of “green” projects in Nigeria and provide a platform for the government to access local and international funds.
The Ministries of Environment and Finance have recently established a Green Bond Advisory Group (GBAG) made up of development partners such as the World Bank, DfID, AfDB and IFC, as well as capital market operators like the Nigeria Stock Exchange, Capital Assets, Chapel Hill Denham, Stanbic IBTC and Climate Bonds Initiative. GBAG is to be the interface between the development partners and the capital markets and provide oversight of the green bonds mechanism. (Environews 2019)
Activity Rating: ***Right Direction
Nigeria’s recent efforts to introduce green bonds present a financing mechanism whereby government and industry can work together to combat climate change. Much work still needs to be done to enable communities throughout Nigeria to adapt to environmental impact of global warming.
Write to Mrs. Sharon Ikeazor and Dr. Yerimah Peter Tarfa
Nigeria is witnessing increased dangers and damage from climate related sea level rise, flood hazards and coastal erosion. There is an urgent need for a mix scale model using GIS (Geographic Information Systems), focused climate education, and other interventions to help communities respond to the impact of climate change.
The Honorable Minister of State for Environment,
The Federal Ministry Of Environment Headquarters
(After Federal Ministry Of Power Works & Housing)
The General Director,
Department of Climate Change;
Ministry of Environment,
This Post was submitted by Climate Scorecard Nigeria Country Manager Priscilla Offiong