Financing Climate Change for Economic Development in Nigeria
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
(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