• Thursday, July 25, 2024
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Nigeria warned against economic losses from climate change

Nigeria warned against economic losses from climate change

Titilayo Oshodi, adviser to the Lagos State Governor on Climate Change and Circular Economy has said if climate change is not addressed quickly in the country, Nigeria will face major economic losses that would run into billions of naira in the near future.

Oshodi made the call at the 36th edition of Platform Nigeria, organised by Covenant Nation Church, where referenced a report predicting that inaction could cost Lagos State an estimated $22 to $25 billion due to the adverse effects of climate change on key sectors such as agriculture and tourism.

However, she also highlighted the potential for substantial economic opportunities, citing a report from Manufacturing Africa that projects an economic boon worth $2.7 billion by 2030 if Nigeria leverages its inherent resources and sectors such as agriculture, solar energy, and green manufacturing.

Read also: Climate Change capable of devasting Niger Delta – NDDC

Oshodi referred to several ongoing initiatives aimed at driving sustainability in Lagos State. The EcoCirculate Programme is an education-driven initiative that promotes responsible sustainable practices by incentivising citizens through a rewards system tied to social amenities like transportation, education, and healthcare.

She also spoke about the waste-to-energy projects, in collaboration with Ghana, aimed at converting waste landfills into energy-producing facilities, expected to generate 60 to 70 megawatts of electricity, power up to 70,000 homes, save over 500,000 metric tonnes of carbon emissions, and create numerous jobs.

These initiatives exemplify how innovative solutions can address environmental challenges while fostering economic growth.

Oshodi emphasised the need for climate literacy to be integrated into all levels of education and media platforms. By raising awareness, the government can empower citizens to make environmentally conscious decisions and support sustainable policies. She urged businesses to embrace their roles in sustainability through the Environmental, Social, and Governance (ESG) framework. “Businesses must innovate and push the boundaries of technology to drive sustainability,” she said, highlighting the need for the private sector to lead in adopting sustainable practices and technologies.

Oshodi concluded her speech by urging citizens to hold businesses and the government accountable, ensuring that their actions align with sustainable practices.

“It’s time for us to introspectively think about resources and act upon them to grow the country’s GDP and ensure a sustainable future. The time to act is now,” she stressed. “This vision for a sustainable Nigeria requires coordinated efforts from the government, businesses, and citizens, all working together to secure a prosperous and sustainable future.”

Read also: Climate Change: FG moves to check threats, consequences on economy

The government sets rules and regulations to ensure fair play, but businesses must drive innovation and economic growth. Also, citizens are expected to make informed choices, hold their businesses accountable, and demand action from the government.

This tripartite cooperation is essential for addressing the pressing issues of climate change and sustainability