Climate change would cost Nigeria $460 billion by 2050 if action is not taken to mitigate its effects.
Prof. Chuwumerije Okereke, director, Centre for Climate Change and Development at the Alex Ekwueme Federal University, Ebonyi State, made the disclosure on the sidelines of the ninth international Lagos Climate Change Summit in Lagos.
“Climate change is costing Nigeria already $100 billion per annum. And that this amount will rise to about $460 billion per annum by 2050.
“And this represents a huge amount of our Gross Domestic Product (GDP). From 2020 till now, climate change is already costing N15 trillion, representing two to 11 per cent of the GDP, by 2050 climate change will be costing N69 trillion, representing six to 30 per cent of the GDP,” Okereke said.
The expert, who is also a visiting professor to Oxford University, said climate change was already having untold effect on flooding and rising sea levels in the country. According to Okereke, flooding is already affecting 25 million people in Nigeria.
“In Yenegoa, there are 302,782 people estimated to be exposed to high flood risk along the Niger-Benue basin in the Niger Delta area with 630km of land susceptible to flooding.
“In Lagos, 375,000 people are exposed to flooding; the number will increase to about 3.2 million people by 2050.
“The direct estimate of damage and loss is N1.48 trillion. The total damage and loss, including indirect ones due to flooding is about N2.6 trillion,” Okereke said.
He said with the rise in sea level, an estimated 27 to 53 million people in the country might need to be relocated with a 0.5m increase in sea levels. He said coastal settlements like Bonny, Forcados, Lagos, Port Harcourt, Warri and Calabar were at risk with vast amount of oil infrastructure.
He noted that the country had mapped out a lot of interesting policies to mitigate the effects of climate change.
Okereke listed the policies as long-term sustainability plan to achieve a net zero emission target by 2060 and determined contribution to aggressively embark on actions to mitigate the impact change.