Nigerian decision-makers have been urged by the African Policy Research Institute (APRI) to swiftly incorporate climate initiatives into the country’s economic strategies and budget allocations to boost Climate Resilience and draw in international climate funds. This suggestion arises as Nigeria faces challenges in obtaining sufficient resources for its climate programs, even though it has pledged to support global climate efforts. As stated by APRI, integrating climate factors into every area of Nigeria’s Economy is vital for creating a future that is both sustainable and resilient to climate change. This strategy will also assist Nigeria in reaching its developmental goals.
During a workshop in Abuja aimed at fostering dialogue and collaboration among stakeholders, Chibuikem Agbaegbu, the APRI representative for Nigeria, emphasised the institute’s commitment to exploring strategies for the successful implementation of the National Climate Change Policy (2021-2030) and addressing the challenges in securing international climate financing. Agbaegbu emphasised that the international financial scene is transforming as factors related to climate and Environmental, Social, and Governance (ESG) are gaining significance in attracting investments from the Global North.
Governments should show commitment in their policy-making.
Nations that neglect to incorporate such initiatives into their financial strategies encounter increased difficulties securing investments. The worldwide impacts have shifted the landscapes of Finance and international relations. Nations that aren’t prioritising climate initiatives are finding it hard to obtain funding. To draw in adequate financing and investments, governments need to show genuine commitment in their policy-making. This calls for explicit policy guidance, strong collaboration among stakeholders, and a conducive atmosphere for investments in environmental initiatives.
Although there are pressing needs, Nigeria encounters numerous obstacles in reaching this objective. APRI report highlighted that inadequate policies and inadequate collaboration among governmental bodies are key barriers to securing funding. Despite their global pledges, numerous agencies in Nigeria find it difficult to harmonise their approaches with international Climate Finance benchmarks. Senior policymakers, especially those from the Federal Ministry of Budget and National Planning (FMBNP), are increasingly expressing frustration regarding Nigeria’s challenges in tapping into substantial financial resources.
Many stakeholders have voiced their concerns about the lack of financing.
They suggested implementing a combined strategy combining Green Budgeting (GB) with Climate-Resilient Budgeting (CRB) models. These models facilitate the integration of environmental risks and adaptation strategies into the nation’s financial management frameworks. Additionally, APRI’s Energy Transition Mapping Report pointed out challenges such as poor coordination, misaligned policies, and conflicting interests among stakeholders as major barriers to Nigeria’s progress in climate finance. Agbaegbu mentioned that the institute’s latest interactions with lawmakers have uncovered a general discontent regarding these issues, highlighting the necessity for deliberate initiatives to integrate Climate Action into Economic Development strategies throughout various sectors.
Green Budgeting involves the incorporation of ecological Sustainability into governmental spending, whereas Climate-Resilient Budgeting aims to enhance the ability of a nation to withstand the negative effects of environmental change. APRI stressed the importance of engaging Nigeria’s Ministries of Finance in these initiatives better to integrate environmental action within the overall National Budget process. The organisation additionally pushed for the establishment of a National Measurement, Reporting, and Verification (MRV) framework, aiming to enhance Nigeria’s capacity to monitor carbon funding and guarantee consistency with the nation’s Nationally Determined Contributions (NDCs).
Related Article: Inconsistent policies affect Nig’s economy
Moreover, APRI emphasised the necessity of incorporating the initiatives within Nigeria’s agricultural domain, which is highly susceptible to environmental change, such as increasing temperatures, unpredictable rainfall patterns, and land degradation. They proposed that the government embrace essential mitigation approaches, including organic farming, agroecological methods, and responsible Deforestation techniques. The necessity for enhanced financial support for agricultural and climate resilience initiatives was also highlighted, as specified in the National Agricultural Technology and Innovation Policy (NATIP) for 2022-2027. They emphasised the need for enhanced data sharing with organisations, which is crucial for successfully moving towards a low-carbon, climate-resilient future.