Climate finance: Nigeria could lose 30% GDP by 2050

By Providence Ayanfeoluwa & Glory Bassey

Stakeholders have said that Nigeria could lose as much as 30 percent of its Gross Domestic Product, GDP, by 2050 without an adequate climate action.

This position comes at the backdrop of the Climate Policy Initiative (CPI) estimates of a substantial gap which shows that Nigeria mobilised approximately $2.5 billion in climate finance in 2021 and 2022 against an estimated annual requirement of $29.7 billion.
Speaking in his welcome address, at the Stanbic IBTC Holdings Sustainable Finance Summit 3.0, Chief Executive of Stanbic IBTC Holdings Plc, Chuma Nwokocha, said the summit launched three years ago aimed to complete the stakeholders’ ob...