Financing Climate Change for Economic Development (a Case Study of Nigeria)

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FINANCING CLIMATE CHANGE FOR ECONOMIC DEVELOPMENT
(A CASE STUDY OF NIGERIA)

Written By:
ABORISADE OLUWASOGO OLANREWAJU

SUBMITTED TO THE DEPARTMENT OF ACCOUNTING BANKING AND FINANCE OSUN STATE UNIVERSITY OSOGBO, OKUKU

SUPERVISED BY: MR OLANREWAJU FATOKI
ABSTRACT
Climate change adaptation is increasingly becoming an area of growing interest and involvement for many developing countries that unfortunately bear the brunt of an overheating planet caused by developed or so called advanced countries. The uncertain effects of a changing climate on Nigeria’s economy pose significant setbacks for meeting development targets like Nigeria’s aspiration to be among the twenty best performing economies of the world by the year 2020 [Vision 20:20:20] and achievement of the Millennium Development Goals. The fact that Africa’s most populous country runs dangerously on a mono-product economy oiled by cheap hydrocarbon deposits, underscores this heavy dependence on natural resources. Climate change-induced losses and the unsustainable use of these invaluable resources appear to be a harmful problem that has elevated itself to a real development challenge in Nigeria. It is not difficult to see that Nigeria’s climate security vulnerability lies predominantly along the coastal, littoral states of the south and the northern frontline states as a result of a combination of high physical exposure as well as low household and community resilience. Poor adaptive responses to growing shifts in temperature, rainfall, storms, and sea levels could help fuel violent conflict in some areas of the country due to shortages of resources such as land and water which breeds negative secondary impacts such as more sickness, hunger, and joblessness, which in turn flings the doors to conflict and social chaos wide open. These problems are further compounded by a lack of institutional, legislative and fiscal capacity for effective management of natural resources and stability of the ecosystem; leading to reduced farm productivity, increased work load particularly on women, and a dislocated rural economy. Mitigation and adaptation are both necessary to alleviate the impacts of a changing global climate on our local communities and national economy. This research work therefore discuses climate change in Nigeria and ways it could be finance to increase economic development in Nigeria. INTRODUCTION

Climate Change is a term used for changes in weather condition in the past few years said to be caused by Global Warming. Global Warming is increase in the average temperature of planet earth which is said to be caused by continuous emission of gases that trap heat to the earth's atmosphere. Climate Change and Global warming are often used interchangeably. In an upper part of the atmosphere called the troposphere 10-19km above sea level, certain gases trap heat to the earth to make it warm. Without these gases, the average temperature of the earth will be 33OC colder not able to support life for humans and several living things. These heat trapping gases for their action that resembles heat trapping effect to a glass house in Physics are called Green House Gases (GHG). There are a number of GHG known with some more potent and available than others, these GHG have a natural cycle that keep them balanced and available at certain range in the earth’s atmosphere for their function to keep the earth warm. Certain anthropogenic activities like burning of fossil fuels release gaseous products made up of one or more GH gas. Nigeria’s economy though heavily dependent on oil is sustained by agriculture and has thus become increasingly constrained. Both source of revenue for the economy is vulnerable to climate change crisis. Sustainable development of these sectors of the economy can only be achieved if processes in use are in favour and harmony with the environment. Although, Nigeria is not a major player in the green house gas emission compared to the western...
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