Climate change: A threat to business survival, Nigeria’s economic growth
By Godwin Anyebe
Climate change affects everything: from geopolitics to economies to migration. It shapes cities, life expectancies and wine lists. In fact, The projections of a climate change-impacted future are not inevitable.
Many of the problems and solutions are known to the world, and ongoing research continues to provide new ones. Experts believe that there is still time to avoid the most negative of outcomes by limiting warming offsite link and reducing emissions to zero as quickly as possible.
It is worthy of note that reducing emissions of greenhouse gases will require investment in new technology and infrastructure, which will spur job growth. Additionally, lowering emissions will lessen harmful impacts to human health, saving countless lives and billions of dollars in health-related expenses.
Climate change reflects the variations in the average daily weather conditions such as temperature, humidity, rainfall and sunshine of a location over an extended period. Climate change in Nigeria threatens economic growth in sectors dependent on climatic conditions.
Economic sectors such as agriculture, fishery and forestry are more predisposed to the adverse effects of climate change.
The Nigerian climate has been irregular over the years, alternating between periods of extreme dry or rainy seasons.
Climate change in Nigeria has led to seasons of drought and excess flood, which affected agricultural activities and caused a loss of shelter. In 2019, the National Emergency Management Agency (NEMA) revealed floods had displaced approximately 1.9 million Nigerians.
Nigeria has the largest economy and population of any country in Africa, and is expected to overtake China to become the world’s second most populous country, after India, by the end of the century.
But climate change is taking a major toll on the country — and without international support, could hit the economy hard. Extreme heat episodes, of ever-growing frequency, are affecting millions of people without access to air conditioning or electricity.
The Federal Government has pledged to reduce its emissions by 20% by 2030, and by 45% on the condition of international support. But the country’s decarbonization and adaptation strategy – as reflected elsewhere across the globe – hinges on more than its government.
Across Nigeria, thousands of climate entrepreneurs and businesses are creating innovations to support the country’s transition to a low carbon and resilient economy.
In fact, just recently, during the Africa Climate Summit 2023, the United Nations (UN) called for $500 billion annual funds for developing countries
The UN Secretary General, Antonio Guterres, called for such massive annual fund to assist developing countries invest in their lives, livelihoods and infrastructure, to reduce the impact of climate change in their countries.
Guterres made the pronouncement while addressing African leaders and delegates at the Summit in Kenya.
Last year, the UN Climate Change High-Level Champion for COP26, Nigel Topping, visited Nigeria. Among Ministers, he agreed the country should be a focal point in energy transition.
He said next steps should include harnessing the interest and influence of the Glasgow Financial Alliance for Net Zero (GFANZ) to help meet Nigeria’s financing gap and support the energy transition.
During his visit, Mr. Topping met operators of Nigerian Small and Medium Enterprises (SMEs) supported by the World Bank-funded Nigeria Climate Innovation Centre (NCIC). The Centre helps develop and deploy solutions to climate change challenges in Nigeria by providing, among other things, venture development and capacity-building support.
Sadly, analysts said that the money Nigeria requires to tackle the challenge of climate change is largely missing or coming only in the form of loans, while poor governance and siloed thinking about how to address the problems are hampering effective action.
The analysts warned that, around the world, efforts to adapt to accelerating pressures – from more extreme heat and drought to increasingly severe floods and sea level rise – are inadequate and threaten billions of people as fossil fuel use keeps rising.
That is despite a range of smart measures to adapt to the impact – from early warning systems to beefed-up social welfare and growing use of natural flood barriers like coastal mangroves – which are showing promise in many parts of the world.
Also worrying is the fact that European Investment Bank (EIB)’s climate survey revealed that climate change is already impacting the lives of a majority of Africans. The results of EIB’s climate survey shed valuable light on public sentiment in Africa.
Human activity is changing the earth’s climate in unprecedented ways, with some of its impact now inevitable and irreversible, as scientists have warned. Of all the regions in the world, Africa is one of the most at risk of suffering from the devastating effects of climate change.
Nigerian leaders must act with absolute urgency to realize this potential – by fully integrating green hydrogen within the roadmaps for Nigeria’s energy transitions, industrial plans, and climate commitments.
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Hydrogen is critical for three reasons: Firstly, Nigeria must do what it can to avoid climate breakdown. This can only be achieved by replacing oil, gas, and coal with renewable alternatives. Nigeria’s rich renewable resources can power its sustainable development as well as meet the world’s need for clean fuels.
Secondly, Nigeria can secure thousands of jobs by ensuring green hydrogen production and processing takes place in Nigeria. A ready supply of green hydrogen is a key piece of the decarbonization puzzle for many sectors, from the steel and petrochemical industries to mobility and agriculture. Transforming Nigeria into one of the world’s leading hubs for green hydrogen production would therefore significantly elevate Nigeria’s role in global green manufacturing supply chains.
