BREAKING: Accelerating Nigeria’s Economic Transformation Through Climate Action

Integrating result-oriented climate action into its economic framework has the poten­tial to accelerate Nigeria’s economic trans­formation, significantly enhancing living standards and delivering substantial benefits to individuals, businesses, and the broader econ­omy.

Recently, Mr. Simon Stiell, the Executive Sec­retary of the UN Framework Convention on Cli­mate Change (UNFCCC), reiterated this crucial point, stressing that Nigeria’s commitment to ambitious climate plans can serve as a powerful driver for economic growth.

The Nigerian government has set transfor­mative targets, aiming to lift 100 million citizens out of poverty while achieving a remarkable sev­en percent economic growth rate.

Nigeria cannot only address pressing envi­ronmental challenges but also unlock new op­portunities for innovation and job creation if it adopts result-oriented climate action, according to Stiell.

Embracing these climate plans is not merely an environmental imperative; it is a strategic economic move that can propel Nigeria toward a more prosperous and sustainable future. The time for action is now, and the benefits are clear.

Climate action – from installing solar panels, to diversifying crops – is key to reaching these goals, bringing electricity to over 85 million Ni­gerians without access, and ensuring economic stability and rising living standards, he said.

Last year, the global clean energy boom sur­passed $2 trillion, according to the International Energy Agency. Nigeria has a prime opportunity to seize a major portion of this growing market. Doing so will drive investment, create countless new jobs, and build resilience against the climate crisis, protecting Nigeria’s people and economy.

The key to unlocking these benefits for Nige­ria’s people is a strong new national climate plan. All countries have to put together new plans this year under the Paris Agreement. Major develop­ing economies such as Brazil have already deliv­ered theirs because they know that strong plans will deliver huge human and economic benefits.

“One thing was very clear to me, during my meetings last week with parliamentarians, se­nior government officials, civil society, and busi­nesses in Lagos and Abuja: Nigeria is committed to climate action. And it has every reason to be.

“This country has huge advantages in this increasingly competitive global race: abundant solar and wind resources, critical minerals like lithium, vast mangrove forests that protect against floods, and, most importantly, its inspir­ing and dynamic people,” Stiell said.

Now is the time for the deployment of solar energy instead of expensive diesel, and investing in green buildings, clean infrastructure, and cre­ating a domestic manufacturing base.

Further, he said, “Climate change is already hitting Nigeria hard—from floods in the south to droughts and desertification in the north, climate impacts are slashing up to five percent off GDP. Coming from a small island, Carriacou, I know this firsthand. Last year, my home was battered by Hurricane Beryl, causing devastating destruc­tion. I have seen lives and livelihoods ripped away.

“But now is no time for despair. There are steps Nigeria can take today to make a difference. It can prioritise climate resilience by strength­ening infrastructure to withstand extreme weather, planting drought-resistant crops, and protecting natural defenses like mangroves and forests. A National Adaptation Plan can provide the framework to drive these efforts forward, and boost progress right across the Sustainable Development Goals.

“None of this is possible without finance. Sig­nificant investment is needed – fast. As COP30 President, Brazil is laser-focused on increasing global climate finance for developing nations, despite political headwinds. We will work with Brazil to deliver on finance commitments made at the COP29 climate conference last year, includ­ing on how to increase global climate finance to $1.3 trillion a year.

“But this is not just about finance from gov­ernments. Private sector investment is ready for takeoff in Nigeria and many other developing economies. From big business in Lagos to the micro, small, and medium enterprises through­out the country – which make up 90 percent of Nigeria’s vibrant, innovative economy.

“Nigeria can become a world leader in clean and climate resilient industries if barriers to ac­tion are addressed. Every business and investor I spoke to said they needed lower costs of capital and more accessible and predictable financial flows. We also need to address risk perception – too often costs of capital reflect outdated ideas of the challenges of investing in Nigeria, and other developing countries.”

He insisted that a strong climate plan will only deliver its full potential if it works for every­one. Nigeria’s incredible diversity – its regions, industries, and communities – must all share in the massive benefits climate action can bring. That means ensuring clean energy reaches ev­ery home and business, that farmers from the north to the south gain from climate-smart ag­riculture, and that investments create opportu­nities for people across the country.

“That is why I am encouraged by Nigeria’s in­clusive approach – ensuring every voice is heard and every sector understands their role. Because this is about real benefits Nigerians can see and feel in their daily lives: more jobs, less pollution and better health, and stronger businesses.”

By bringing everyone on board, Nigeria can seize this moment to drive economic growth and improve lives, with thriving communities future powered by clean, affordable energy, accessible to all.