Climate change poses a significant threat to developing countries. This reality was at the forefront of discussions during the recently concluded COP29, held in Baku, Azerbaijan, from November 11 to 22, 2024. The conference’s central focus was mobilising support in climate finance and advocating for equitable funding mechanisms to support adaptation and mitigation efforts in vulnerable countries. For Nigeria, the stakes are particularly high. Ranked as one of the top 10 most vulnerable countries to climate change[1], the country faces intensifying climate threats that disrupt livelihoods and exacerbate insecurity. Rising temperatures have contributed to desertification in the north, shrinking agricultural yields and forcing thousands of pastoralists southward, often leading to violent resource conflicts.[2] According to a report, desertification affects 35% of Nigeria’s landmass, displacing millions of people. Meanwhile, the 2022 floods—considered the worst in over a decade—affected 33 out of 36 states, displaced over 1.4 million people, and caused direct economic damages estimated at over $6 billion.[3] These events demonstrate how extreme weather impacts agricultural production, with losses estimated at 25% of Nigeria’s annual rice harvest, worsening food insecurity.
While COP29 was short of the expected climate target, operationalising the Loss and Damage Fund and the agreement to triple climate finance to developing countries to $300 billion annually by 2035 offers a potential boost for Nigeria’s climate action plans. But the question is, how prepared is Nigeria to capitalise on these opportunities and navigate the challenges ahead? This edition of the Nextier Policy Weekly looks at the implications of COP29 for Nigeria, examining the country’s preparedness to leverage the new funding mechanisms and implement ambitious climate action plans.
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