The Minister of Environment, Mrs. Amina Mohammed, on Tuesday, December 22, 2015 stated that climate change may cost the nation as much as $460 billion, or 30 per cent of its GDP, by 2050.

She lamented that the impacts of the phenomenon were threatening the livelihoods of everyday Nigerians on a daily basis, with 70 per cent of Nigeria’s population relying on climate-sensitive activities for their income, such as rain-fed farming and fishing. “Nigeria is one of the most climate-vulnerable countries in the world,” she said, adding that, “by 2050, climate change could cost Nigeria between 6 per cent and 30 per cent of its GDP$100 billion to $460 billion.” These were some of the key messages made available by the minister during a news briefing in Abuja, the first since the COP21 held in France last month.

She however reaffirmed that the Buhari administration was committed to an economic transformation which places inclusive, green growth at the centre, adding that the new leadership is “extremely well-placed to deliver on this agenda.” Citing Lake Chad in the North-East, the geopolitical zone where Boko Haram is located, as an example, Mohammed noted that climate change aggravates regional conflicts. She stated that the body of water known as Lake Chad had shrunk to 10 per cent of its original size as a result of climate change, bringing with it the associated collapse of economic and institutional fabric, making the region a breeding ground for terrorism.“Boko Haram is now recognised as the most deadly terrorist group in the world,” she said, adding that, “of an estimated 20 million people that lived on the Lake Chad basin circa 2003, about 11.7 million were in the North-Eastern region of Nigeria.”

She said the Federal Government had recognised that its current economic composition was unsustainable, while seeking to maintain strong growth. “The recent fall in oil prices has heightened the vulnerability of our economy to fossil fuel exports,” Mohammed stated. “Diversification, especially towards sustainable agriculture, is already a key part of our country’s economic strategy,” she added. On the continued pursuit of the use of coal, a highly environment-damaging fuel, for power generation, she said that, while the country was committed to renewable energy rather than fossil fuels, she could not sacrifice its economic interest and the well-being of its citizens on the altar of going green. Also, Mohammed said Nigeria can generate 7.5 billion dollars in 15 years if the government can end gas flaring and utilize gas for commercial purposes.

Mohammed said that the Intended Nationally Determined Contribution (INDC) submitted by Nigeria as its contribution to the agreement was aimed at reducing emission by 20 per cent by 2030.
Reduction of emission, the minister noted, could act as a catalyst to achieve economic diversification and assist economic restructuring, in a way that would facilitate inclusive growth with vast opportunities.