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OKEREKE: Nigeria to lose $460bn over climate change crisis by 2050

Chukwumerije Okereke, a professor of environment and development, says Nigeria will lose $460 billion by 2050 if the country is not implementing concrete actions and strategies in the Climate Change Act.

Nigeria-Flooding-Kogi-State-Climate-Change. Phot Credit: Council on Foreign Relations
Nigeria-Flooding-Kogi-State-Climate-Change. Phot Credit: Council on Foreign Relations

Chukwumerije Okereke, a professor of environment and development, says Nigeria will lose $460 billion by 2050 if the country is not implementing concrete actions and strategies in the Climate Change Act.

The climate expert said this in Abuja on Wednesday when he delivered a lecture on “Protecting the future: Enhancing Policies and Legislation for Climate Change” at the ongoing 2022 inaugural fellowship of the Legislative Mentorship Initiative, founded by the speaker of the House of Representatives, Femi Gbajabiamila.

Mr Okereke said the country loses over 40 per cent of energy generated during transmission.

“Over 40 per cent of energy generated in Nigeria is lost on transmission.

“Up to 2020, Nigeria experienced $100bn climate change-induced losses. The Climate Change Act is a good law for the country,” he said.

The professor faulted the claim by stakeholders who believe that the country’s climate change law will increase the cost of governance. 

Speaking on the synergy of the Climate Act with the Petroleum Industry Act (PIA), he said the PIA doesn’t reflect the ideals of pursuing ambitious climate change solutions for the country.

He, however, expressed confidence in the capacity of the National Climate Change Council inaugurated last week by President Muhammadu Buhari to turn things around as the country pursues net zero gas emission by 2060. 

In August, the federal government launched Nigeria’s Energy Transition Plan to achieve net zero by 2060. According to the government, the plan has the potential of creating about 340,000 new jobs by 2030, and 840,000 jobs by 2060. 

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