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Climate change might cost Nigeria $460 billion by 2050 if prompt action is not taken to mitigate its negative effects, according to a new Agora Policy analysis.
The paper, titled 'Climate Change and Socio-Economic Development in Nigeria,' also revealed that climate change would cost Nigeria $100 billion by 2020.
The research, created with the support of the MacArthur Foundation, was presented on Wednesday during a one-day policy discussion titled 'Nigeria, Climate Change, and the Green Economy,' as part of the preparations for COP28 in Abuja.
The paper also identifies the several routes via which the negative consequences of climate change could intensify in Nigeria and exacerbate the country's developmental issues.
It also highlights prospects for Nigeria to drive rapid economic growth, diversify its energy sources, create jobs for its rapidly growing young and urbanizing population, and address endemic poverty and inequality through an equitable energy transition.
Prof Chukwumerije Okereke, Director of the Centre for Climate Change and Development, warned that 25 million Nigerians are at risk of flooding and that 630 km2 of land in the Niger Delta area is vulnerable to flooding along the Niger-Benue basin.
Prof Okereke stated that around 357,000 individuals in Lagos are vulnerable to flooding and that by 2050, 3.2 million Lagosians will be vulnerable to flooding.
The don stated that the direct estimate of flooding damage and loss in 2022 is N1.48tn, while the total damage and loss, including indirect losses, is approximately N2.6tn.
He did, however, advocate for strengthened national climate policy frameworks, institutional capacity, enough climate finance, equitable energy transition, public awareness, a collaborative approach, and focused sectoral initiatives.
