Nigeria needs $177m investment to meet Paris Accord commitment — SGF

By Ladi Patrick-Okwoli

George Akume, the Secretary to the Government of the Federation, says Nigeria’s revised Nationally Determined Contribution (NDC) requires $177 million in investments by 2030 to meet Paris Accord commitments.

Akume stated this while delivering a keynote address at a national workshop on Review of the Outcomes of the 28th Session of the Conference of Parties to the United Nations Framework Convention on Climate Change (UNFCCC-COP28).

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He reiterated the country’s commitment to the Paris Agreement and the mobilisation of climate finance as crucial steps in combating climate change.

The workshop focused on internal finance mobilisation, greening the national budget, and the leadership role of the government in addressing climate change.

He emphasised the outcomes of COP28 and the need for global climate ambition, adaptation efforts, and financial support for climate action in Nigeria.

Akume stressed the importance of integrating climate considerations into all sectors and policies through a whole-of-government approach.

“Internal financial resources were identified as a fundamental pillar in the fight against climate change, requiring comprehensive reforms to enhance revenue collection and promote fiscal transparency.

“The greening of the national budget was emphasised as essential for prioritising sustainability and combating climate change effectively.

He called for innovative financing mechanisms, such as carbon pricing and green bonds, to diversify climate finance sources and ensure adequate funding for ambitious climate goals. “Integrating climate finance into the budgetary framework was highlighted as crucial for promoting climate-resilient infrastructure, sustainable agriculture practices, and clean technologies.

“The significance of partnerships and collaboration between governments, the private sector, civil society, and international organisations was emphasised to advance climate action and achieve ambitious targets across various sectors.”

In his opening remarks, Balarabe Lawali, the minister of environment, emphasised the importance of addressing climate change urgently and collaboratively.

The minister said the outcomes of COP 28 were crucial for global environmental efforts, focusing on mitigation, adaptation, finance, and transparency.

He added that Nigeria, like other nations, was experiencing the impacts of climate change and must take action for a sustainable future. “The workshop aims to facilitate dialogue, exchange ideas, and develop strategies for sustainable development and environmental integrity in Nigeria.

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“Active participation, questions, and cooperation are encouraged to drive meaningful change and preserve natural resources.”

The minister expressed gratitude for attendees’ dedication to environmental conservation and urged collective efforts for a greener, more sustainable Nigeria. “The workshop serves as a platform for stakeholders to engage in purposeful discussions, share innovative ideas, and collaborate on actionable strategies,” he said.

He further highlighted the need for bold actions, robust partnerships, and stakeholder mobilisation to safeguard the environment and ensure a prosperous future.