By Munachimso Obienyi
The Federal Government is spending nine percent of the country’s Gross Domestic Product to address climate change in Nigeria, the Minister of Environment, Mohammed Abdulahi, said on Wednesday.
Nigeria’s GDP was worth $440.78 billion in 2021, according to official data from the World Bank.
Nine per cent of this figure is $39.67 billion; hence, Nigeria may spend around this amount in tackling climate change, based on the disclosure of the Federal Government.
Abdulahi disclosed this while addressing African leaders during the inauguration of the African Carbon Market Initiative, a side event organised by the Climate Action at the ongoing COP27 in Egypt.
He spoke on the efforts being made by the Federal Government to mitigate climate change and its impacts across the country, according to a statement issued in Abuja by the Federal Ministry of Environment.
“Abdullahi revealed that Nigeria submitted a highly ambitious Nationally Determined Contributions and is spending up to nine per cent of its GDP in addressing climate change,” the ministry stated.
