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Looking Inwards: Domestic Sources of Funding for climate action in Nigeria

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Climate change presents a global crisis that disproportionately impacts developing countries such as Nigeria. Less than a year ago, large areas of Nigeria faced critical humanitarian challenges, leading to multiple deaths, widespread public health issues, food shortages, and significant internal displacement. Those unfamiliar with Nigeria might mistakenly believe that these problems stemmed from internal conflict. In reality, they were caused by devastating floods in several states. Benue, Borno, and Jigawa states suffered significant flooding, worsened by climate change, which claimed lives and destroyed properties. Although state and federal emergency response teams managed to alleviate some immediate effects of the disaster, the long-term socio-economic damage and the need for preventive measures often go overlooked. The state, hindered by inadequate financial resources and a reduction in productive output caused by the disaster, struggles to afford the capital needed to develop the...
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The Land is Green: How Climate Finance Can Accelerate Development in Nigeria

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  Against the backdrop of the recently concluded UNFCCC Conference of Parties (COP) 29 in Baku, Azerbaijan, it is evident that climate change is not just an environmental issue but an economic one, with far-reaching implications for Nigeria’s development. As the largest economy in Africa, Nigeria is at a critical juncture where climate finance can play a pivotal role in driving sustainable development. With a rapidly growing population, estimated to surpass 400 million by 2050, the need for sustainable development has never been more urgent. Climate finance, the funding channeled towards activities that mitigate or adapt to climate change, offers a unique opportunity to address these challenges while unlocking economic growth. Much furore has been made about the New Collective Quantified Goal (NCQG) on Climate Finance that was agreed at COP29, with numerous developing nations, including Nigeria, registering their displeasure at the USD$300 billion per year pledge made by the deve...
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The Future is Intelligent: How AI can drive growth in Nigeria

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  In today's world, technology has become the foundation of advancement, and Nigeria finds itself at a critical point in its development path. The most populous country in Africa, blessed with significant human and natural resources, with great potential for growth and prosperity, has constantly left its citizens and the international community frustrated by its inability to blossom into the beacon of African economic renaissance that belied its potential since gaining independence in 1960. The failure to take its place amongst the pantheon of great nations can be attributed to multiple factors, which is not the focus of this article but is by no means a conundrum. Essentially, it boils down to the human factor, and the inability of a nation to harness the multitude of human and natural resources due to personal and political inequities. However, one of the ways to unlock this potential and lead the nation towards a brighter future, is to leverage the game-changing power of artific...
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Navigating the Labyrinth of Rent-Seeking

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  Rent-seeking is a phenomenon viewed with apprehension in economic discourse. It has harmed the economic growth of many countries, including Nigeria.  At its core, rent-seeking refers to the pursuit of wealth or economic gain not through the creation of new wealth but through the manipulation or extraction of existing resources. In simpler terms, it involves individuals or entities seeking to increase their share of wealth without contributing to the overall productivity of the economy.  Hence, despite having the largest GDP in Africa, and birthing some of the continent's wealthiest individuals, Nigeria's GDP per capita (according to Statista ) has dropped from over $3000 in 2014 to just over $1700 in 2023, and its annual GDP growth rate has averaged around 2-3% for over a decade. With a population of over 200 million people (and growing at 3% annually), where over 50% live below the poverty line, rent-seeking practices if left unchecked, will continue to decompose the e...
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We cannot all be Capitalists

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  Imagine Nigeria's business landscape as a vibrant marketplace. Bustling stalls overflow with ideas, but everyone's selling the same "hustle" brand. This brand is headquartered in the city of Lagos, Nigeria, where no body is welcomed but rather reminded that "This is Lagos!" and "Eko o ni baje!", a colloquial phrase that loosely translates to Lagos will prevail. Therefore, those that are caught in the hustle and bustle either by default or design, seemingly have no choice but to embrace its energy. Everybody must hustle! This has undoubtedly played a part in birthing some of the wealthiest individuals in Africa and has largely contributed to Lagos alone being amongst the top 10 largest economies in Africa but amidst such opulence lies an underbelly of abject poverty. Kano, an ancient city in the Northern part of Nigeria, is also known for its hustle culture but rather than the cutthroat Lagos version, the hustle tends to be tempered by a combinati...
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