This was disclosed during the conference organised by Corporate Accountability and Public Participation Africa (CAPPA) theme “Creating an Agenda for Sustainable Climate Finance for Nigeria, which facilitated dialogue between various stakeholders, including frontline communities, climate justice groups, state actors, development experts, academia, and the media.
Akinbode Oluwafemi, Executive Director of CAPPA, emphasised that frontline communities are suffering the consequences of actions they are not responsible for, while those responsible for the climate crisis evade their liabilities. He said climate finance in Nigeria had relied exclusively on concessional debt, which is about 46% and non-concessional debt at 25%. “Grant and equity-based finance currently play a relatively minimal role in Nigeria’s climate finance ecosystem, at 5% and 12% respectively.
“Nigeria’s climate finance is not yet reflective of the country’s vulnerability. Efforts in adaptation and mitigation are yet to be scaled up significantly to embrace our realities. Nigeria like every other country in sub-Saharan Africa is classed as a vulnerable country considering its exposure to climate risks.
“The effects of climate change are set to accelerate over the coming years unless progressive climate finance and a well-structured loss and damage funding mechanism are institutionalized and appropriately managed. There is undoubtedly a need to create a new source of finance that will address climate risks and arrest emission upsurge.”
In his keynote address, Prof Lanre Fagbohun, Former Vice Chancellor, Lagos State University, emphasised the urgent need for a sustainable climate finance mechanism for Nigeria and extension, Africa. He highlighted the necessity of acknowledging that climate-induced loss and damage disproportionately affect the most vulnerable. Prof Lanre insisted that the international community must respond with swift, fair, and substantial financial support to address this crisis.
Traditional Ruler of Ayetoro, Oba Ojagbohunmi Oluwambe, discussed the dire situation of Ayetoro City in Ondo State, a once beautiful coastal community now ravaged by climate change-induced ocean surges and destructive floods. The plight of Ayetoro is further exacerbated by the incessant fossil fuel exploration around its resource-rich area that has caused a degradation of its lands, waters and relief profile. The resulting damage has forced the indigenous population into makeshift homes, while government interventions have consistently fallen short, leaving the town and its vulnerable populations in ruins.
The conference agreed on the recommendation that “The Nigerian state must devote attention and resources to rehabilitating communities like Ayetoro City, the sinking city in Ondo State among other vulnerable areas and frontline communities across the country affected by the impacts of climate change and environmental degradation.
“To be clear, cities like Ayetoro are hazards to their inhabitants and greatly inimical to the well-being of the people. They must be declared a national emergency and efforts and funds mobilised to immediately respond to the crisis.”