Nigeria Warned of $460 Billion Loss by 2050 Due to Climate Inaction, Says Speaker Abbas
Speaker of the House of Representatives of Nigeria, Abbas Tajudeen, warned that inaction on climate change could cost the nation up to 30% of its GDP by 2050, equating to about $460 billion. He highlighted the current impacts of climate change across Nigeria, including drought, flooding, and rising temperatures, and called for urgent action to transition to a low-carbon economy. The National Decarbonisation Technical Roundtable aims to establish a framework for this transition, complemented by legislative efforts and the approval of a National Carbon Market Framework.
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Nigeria's Speaker of the House, Abbas Tajudeen, stated that climate inaction could lead to a loss of $460 billion, or 30% of GDP, by 2050. He noted that the country is already experiencing severe climate impacts, including drought in the North, flooding in the East, and rising temperatures in the West.
Abbas emphasized the necessity for a transition to a low-carbon economy during the National Decarbonisation Technical Roundtable. Legislative initiatives, including the Climate Change Act 2021, support this transition. A National Carbon Market Framework is projected to generate $2.5 to $3 billion annually, encouraging investment in sectors like renewable energy and climate-smart agriculture.
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