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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.