According to the World Bank in a release titled “World Bank Group Exceeds New Climate Finance Target – $31.7 Billion In Funding For Climate Action”, costs associated with climate change could cost Nigeria as much as 30 percent of her Gross Domestic Product (GDP) by 2050. These long-term shifts in temperatures and weather patterns may cause the Nigerian government to spend up to 30 percent of its GDP by 2050.
Climate change continues to be a problem for governments and economies. Its effects have not been slowing down amid rising inflation, and varying degrees of recovery from the coronavirus pandemic worldwide.
According to the World Bank, 2022 is already on its way to being ranked one of the ten warmest years on record. “Climate change is causing severe water stress in Nigeria causing droughts to increase in frequency and intensity. This affects Nigeria’s economic growth – it could cost the country as much as 30 percent of its GDP by 2050, affecting the livelihoods of millions of households, worsening food security and livelihood, and increasing the risk of violent conflict,” the World Bank noted.
It also mentioned a funded project aimed at mitigating the impact of climate change in Nigeria. “A $700 million Agro-Climatic Resilience in Semi-Arid Landscapes Project aims to develop 20 watershed management plans covering all of Northern Nigeria. It will prioritize investments that can slow desertification while supporting natural resource-based livelihoods. For instance, investing in sustainable oases and wetlands can be for adaptation and provide alternative incomes for communities,” the World Bank said stating that the project is designed and being embarked upon t ensure community-level participation, build local capacity and coordination between different groups, and ensure transparency across various agencies so that climate solutions can also strengthen the institutional systems in place.