A report by Agora Policy warns that Nigeria could face an economic catastrophe, surpassing $100 billion by 2050, due to the escalating impacts of climate change.
Presented at a policy dialogue in Abuja, the report, titled “Climate Change and Socio-economic Development in Nigeria,” emphasizes the urgency for proactive measures to mitigate potential damages. Professor Chukwumerije Okereke, unveiling the findings, stressed the imperative need for immediate action.
The report assesses diverse sectors, including agriculture, infrastructure, health, and the overall economic growth, projecting potential losses between 6% and 30% of the GDP by 2050. Founder of Agora Policy, Mr Waziri Adio, categorizes climate change as Nigeria’s “most existential threat” and criticizes the insufficient attention it receives in national discourse.
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The report highlights that without climate-proofing the economy, annual losses in priority sectors could surge from $3.06 billion in 2020 to $5.50 billion in 2050. Dr Kole Shettima, Nigeria Office Director of the MacArthur Foundation, underscores the disproportionate impact on the poor and disadvantaged, committing the organization to providing energy access in vulnerable communities.
Akintunde Babatunde, Director of Programs at CJID, emphasizes the urgency for tailored actions, stating, “Our problem really is about proper action tailored to the particular realities in our country.”