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Climate Finance: The Urgency of Climate Action in Nigeria

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By Grace Oluchi Mbah, Co-Founder and Executive Director, Climate Action Africa

Nigeria, Africa’s most populous nation, is facing a critical challenge: climate change. The country is highly vulnerable to the devastating impacts of a warming planet, including extreme weather events like floods and droughts, rising sea levels, and ecological disruptions. These changes threaten not only Nigeria’s environment but also its economic growth, social development, and overall well being.

There was a time when we could reasonably predict the weather in Nigeria. Rainy and dry seasons arrived at specific periods in the year, allowing for preparation, especially among rural farmers. By monitoring the seasons, farmers could cultivate crops and achieve bountiful harvests.

Nigeria’s rainy seasons have changed. Once a land of consistent rain, the country now experiences more intense downpours followed by longer dry periods. This disrupts agricultural production, leading to food insecurity. Floods caused by heavy rains destroy crops and infrastructure, displacing communities. Since September 2022, the worst floods in a decade have affected 3.2 million people across Nigeria, of whom an estimated 60 percent are children. Anambra, Bayelsa, Cross River, and Jigawa States have seen the highest numbers of displaced persons.

In Northern Nigeria, conflict may have continued to drive population displacement, disrupt livelihood activities, and restrict market access. However, the region’s suffering intensifies due to its particular vulnerability to droughts caused by rising temperatures and reduced rainfall. Lake Chad, a vital source of water for millions, is shrinking at an alarming rate. Since the 1960s, the lake has shrunk by around 90%. This recession of water is a result of both reduced precipitation induced by climate change and the development of modern irrigation systems for agriculture, alongside the increasing human demand for freshwater.

Coastal cities like Lagos face the risk of inundation due to rising sea levels. This saltwater intrusion contaminates freshwater sources and threatens coastal ecosystems. Erosion caused by rising sea levels destroys infrastructure and can displace populations. If global warming exceeds 2°C, Lagos State is predicted to see a 90cm rise in sea level by 2100.

Some other current climate change issues in Nigeria include frequent and intense heat waves, deforestation, overgrazing, and extreme weather events that contribute to land degradation. There is no doubt that Nigeria faces a real climate change challenge. It is imperative that the government and other stakeholders put in place mitigation and adaptation projects, such as developing renewable energy sources and reducing emissions, as well as adaptation efforts, including building resilient infrastructure and fostering community resilience, to curb climate change challenges in Nigeria.

A solution to Nigeria’s rising climate change challenge is climate finance. Climate finance refers to local, national and transnational financing that is drawn from public, private and alternative sources of financing that seeks to support mitigation and adaptation actions that will address climate change. Climate finance plays a critical role in empowering developing nations like Nigeria to combat climate change. It provides the much-needed resources to implement mitigation and adaptation strategies that safeguard the environment and bolster climate resilience.

While Nigeria has ambitious climate goals enshrined in its Nationally Determined Contributions (NDCs) – a pledge under the Paris Agreement to reduce greenhouse gas emissions –  achieving them hinges on a crucial factor: climate finance.

Climate finance serves as a crucial instrument for Nigeria to confront its climate change challenges. It encompasses various funding sources, that includes, multilateral aid in form of grants and concessional loans provided by developed countries and international organizations. Investments from banks, insurers, and asset managers in climate-smart projects that emanate as private sector investment and carbon pricing mechanisms which are revenue generated from carbon taxes or emissions trading schemes.

By effectively deploying climate finance, Nigeria can invest in renewable energy sources like solar and wind power which can lessen reliance on fossil fuels and reduce greenhouse gas emissions. Funds can be directed towards strengthening infrastructure to withstand extreme weather events, developing climate-resistant crop varieties, and improving early warning systems. Support for the adoption of sustainable agricultural practices that enhance food security and reduce deforestation can also be achieved.

The Funding Gap and the Urgency for Action

Nigeria’s current climate finance scenario paints a concerning picture. Estimates suggest the country receives around $1.9 billion annually, a far cry from the estimated $17.7 billion required to meet its NDC targets by 2030. This significant funding gap translates to a lack of resources for crucial climate action initiatives.

The consequences of inaction are dire. Studies by the Department for International Development (DFID) indicate that climate change could cost Nigeria between 6% and 30% of its GDP by 2050. This economic strain, coupled with environmental degradation and social upheaval, could significantly destabilize the nation.

Bridging the climate finance gap necessitates a multi-pronged approach involving various stakeholders:

  • Public Sector: The Nigerian government must prioritize climate finance allocation within its budget. Innovative mechanisms like carbon taxes and green bonds can be explored to generate additional revenue for climate projects.

  • Private Sector: The private sector has a vital role to play. Banks and financial institutions need to develop financial products that incentivize investments in low-carbon and climate-resilient technologies. Additionally, corporations should factor climate risk into their decision-making processes and invest in sustainable practices.

  • International Community: Developed nations have a responsibility to support developing countries like Nigeria in their climate efforts. Fulfilling pledges made under international agreements like the Green Climate Fund is crucial.

Despite the challenges, there are positive developments on the Nigerian climate finance landscape. In November 2021, The Climate Change bill was signed into law by President Buhari in order to provide Nigeria with a legal framework for climate action, fostering transparency and accountability in climate finance management. Nigeria also issued sovereign green bonds to finance renewable energy projects, demonstrating a commitment to sustainable development.

Nigeria’s climate action journey will require sustained efforts and strategic partnerships. Some key areas for focus are:

  • Enhancing Transparency and Accountability:  Clear reporting mechanisms and robust governance structures are essential to ensure that climate funds are used effectively and efficiently.

  • Capacity Building:  Building domestic expertise in climate finance management is crucial. Training programs and knowledge-sharing initiatives can equip stakeholders with the necessary skills to navigate the complexities of climate finance.

  • Unlocking Private Sector Investment:  Creating an attractive environment for private sector investment in climate solutions, through policy incentives and de-risking mechanisms, is essential.

Climate change is an existential threat to Nigeria, but it also presents an opportunity for transformation. By mobilizing adequate climate finance, Nigeria can build a low-carbon and climate-resilient future. This will require a collective effort from the government, private sector, and international community. With decisive action and innovative solutions, Nigeria can not only safeguard its environment but also  secure a sustainable and prosperous future for its citizens


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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FG Kickstarts Construction of Emerging Technologies Institute in Kano

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Federal Government of Nigeria has marked a significant milestone on Friday, 14th February 2025, by breaking ground for the construction of the Sustainable & Emerging Technologies Institute (SETI).

This institute, under the aegis of the National Agency for Science and Engineering Infrastructure (NASENI), aims to ensure the socio-economic wellbeing of future generations. The groundbreaking ceremony was held at the Bayero University Kano (BUK) New Campus.

Mr. Khalil Suleiman Halilu, Executive Vice Chaiman/Chief Executive Officer (EVC/CEO) of NASENI, during the Ground-breaking ceremony held at the Bayero University Kano (BUK) New Campus said the new institute sits on 30 hectares of the BUK land to be built, featuring state-of-the-art facilities, including innovation hubs devoted to Artificial Intelligence and other cutting-edge technologies, complemented by reliable power supply. “NASENI will fully build and equip and support the new Institute” said the EVC/CEO.

The future of socio-economic development for nations rests on human creativity, innovation and cooperation, Artificial intelligence, robotics amongst others.

Halilu said that the establishment of SETI in Nigeria is to rapidly respond to the waves of young people globally revolutionizing world economies with unprecedented emergence of socio-economic frontiers as by-products of innovations and ingenuities of these young minds.

“We in NASENI are firm believers in the potential of young Nigerians to be the prime catalysts of the type of transformation that Nigeria requires. And we will do everything within our powers to support them to fulfil this important responsibility”

“We are gathered here today to kickstart a project that will transform the lives and careers of future generations of young Nigerians. The Sustainable & Emerging Technologies Institute (SETI), located at the Bayero University Kano (BUK) by NASENI. This is very much in line with our operating principles; what we call our 3Cs: Collaboration, Creation, and Commercialization. These 3Cs are the principles that passionately drive us and guide the work that we do to ensure the industrialization of Nigeria in line with the Renewed Hope agenda of President Bola Ahmed Tinubu.”

SETI will produce innovators, technologists, entrepreneurs who will make their mark not just in Nigeria but around the world. “I’m eagerly looking forward to the day, not too long from now, when the Institute’s first set of beneficiaries will astonish the world with what they’re capable of accomplishing. These stories will put not just BUK on the global innovation map, but also Kano State and the entire Nigeria” said Halilu.

While carrying out the symbolic foundation laying ceremony of the institute as Special Guest of Honour, the Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, described the project as not only laudable but NASENI’s another way of fast-tracking the placing of Nigeria on the global map of innovation and industrialization. The minister called the project an “ace project” and a pointer to secure a veritable socio-economic development for the nation.

In his goodwill message, the Vice Chancellor of BUK, Professor Sagir Adamu Abbas described the new institute as a vehicle for bringing together the three critical tripods for economic and sustainable development for nations, that is, the government, academia and industry. He described the ground-breaking event as the beginning of Nigeria’s journey in pursuit of sustainable development, massive job creation opportunities for the youths, and that the BUK was delighted to be host to such laudable initiative and momentum.

There is also, in addition to SETI, a second NASENI project for BUK is an Agri-preneurship Training Hub, that will be equipped with modern greenhouses, and facilities for Soil-less Farming, and Tissue Culture; occupying 10 hectares of land at the Old Campus. These projects collectively represent what NASENI stands for, that is, building capacity, advancing industrialization, supporting economic growth and prosperity.

NASENI appreciates the Government and people of Kano State, and the Vice Chancellor, management and students of Bayero University Kano (BUK), for all the support. Special gratitude goes to the Honourable Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, the Special Guest of Honour.

NASENI thanked members of the National Assembly for their support, especially the NASENI oversight Committees in both chambers. And of course, President Bola Ahmed Tinubu, who has given NASENI the opportunity to serve Nigeria through his unwavering demonstration of commitment to the success of the Agency.


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Family Marks one-year Memorial of Late APC Chieftain, Ojougboh with Charity Outreach

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The family of the late chieftain of the All Progressives Congress (APC), Chief Dr. Cairo Ojougboh, led by his wife, Mrs. Bose Ojougboh, marked his one-year memorial anniversary with a series of charitable initiatives aimed at honoring his legacy of philanthropy and service to society.

The memorial activities included the donation of school books and bags to pupils of Erigbe Primary School, in Agbor within the Ika South Local Government Area (LGA) of Delta State, where Dr. Ojougboh had received his early education.

The outreach also included extension of financial assistance to patients at Central Hospital, Agbor, and the provision of toiletries, cash, and food items to children at the Salve Regina Children’s Home, Agbor.

The outreach was carried out under the ‘Dr. Cairo Ojougboh Foundation’, a family-led initiative established to immortalise him and continue his lifelong commitment to education, healthcare, and social welfare.

Speaking during the event which took place recently, Mrs. Ojougboh reaffirmed the family’s dedication to sustaining the ideals of the late APC chieftain, describing him as a man who strongly believed in education and giving back to society.

“We are here to celebrate the life of my husband, Late Dr. Cairo Ojougboh, who passed on a year ago. In his honour, we decided to give back to society.

“He was a man who valued education and was always willing to help others. It is only fitting that we continue his legacy through acts of generosity,” she stated.

Honouring his passion for education

The first visit was to Erigbe Primary School, where Dr. Ojougboh had received his early education. The Foundation distributed school bags, writing materials, and food packs to the pupils. The family encouraged the pupils to take their education seriously and strive to become responsible citizens.

Supporting patients at Central Hospital, Agbor

At Central Hospital, Agbor, Mrs. Ojougboh and her entourage moved through the medical wards, offering financial support to patients to assist with their treatment costs. The hospital staff and beneficiaries responded with prayers and words of gratitude for the kind gesture.

Reaching out to orphaned children

The outreach team also visited Salve Regina Children’s Home in Agbor where they donated cash, food items, and toiletries to the children. The Matron of the home expressed her deep appreciation to the Ojougboh family, commending their commitment to sustaining the late politician’s legacy of compassion and social impact.

Dr. Cairo Ojougboh’s enduring legacy

Reflecting on her late husband’s contributions to society, Mrs. Ojougboh emphasised that his legacy of generosity and service to humanity would not be forgotten.

“Dr. Cairo was a selfless man who touched many lives. His contributions to the Nigerian political landscape, his mark in Agbor Kingdom, Delta State, and the country at large, will always be remembered. He may be gone, but his impact will continue to be felt for generations,” she said.

The Dr. Cairo Ojougboh Foundation has pledged to continue supporting education, healthcare, and social welfare initiatives in his memory, ensuring that his vision for a better society lives on.


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Court Discharges, Acquits, Kawu, Ex-NBC DG of N2.5Bn Fraud

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Justice Folashade Ogunbanjo of the Federal High Court Abuja has discharged and acquitted Ishaq Kawu Modibbo, former director-general, National Broadcasting Commission (NBC), and Pinnacle Communications Limited.

Ishaq Kawu Modibbo, former director-general, NBC

They were being prosecuted by the Independent Corrupt Practices and other related Offences (ICPC) of charges bordering on the ₦2.5 billion released to Pinnacle Communications under the Federal Government Digital Switch Over (DSO) project.

Delivering judgement on Thursday, Justice Ogunbanjo held that the ICPC was not able to prove the allegations against the defendants.

The judge further discharged the defendants on the grounds that the statements and evidence of the witnesses, could not pin any allegation on the defendants.

She further held that some of the witnesses contradicted themselves, and none of their statements was able to link the defendants to the charge.

According to the judge, while some of the witnesses in their oral evidence, said Lai Mohammed, former Minister of Information, was misled in approving the payment of ₦2.5 billion to Pinnacle Communications Ltd, they failed to render any documentary evidence.

The trial of the former director-general of the NBC lasted for six years.

He and Pinnacle Communications were prosecuted by the ICPC, on a five count amended charge over the release of ₦2.5bn to Pinnacle Communications Ltd, under the approval of Mohammed, under the FG Digital Switch Over (DSO) project.


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