Lagos State Faces $22-25bn Economic Losses from Climate Change, Expert Warns


Lagos, July 7, 2024 – Titilayo Oshodi, Adviser to the Lagos State Governor on Climate Change and Circular Economy, has issued a stark warning about the looming economic impact of climate change on Nigeria.

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Speaking at the 36th edition of Platform Nigeria, Oshodi cautioned that Nigeria faces significant economic losses amounting to billions of naira unless urgent action is taken to address climate change. Specifically, Lagos State could suffer an estimated $22 to $25 billion in economic losses due to climate change’s adverse effects on vital sectors like agriculture and tourism.

“The financial repercussions of inaction are severe and could profoundly affect our economy,” Oshodi emphasized in a statement to The PUNCH.

Highlighting potential opportunities amidst these challenges, Oshodi urged Nigeria to capitalize on its natural resources by investing in sectors such as agriculture, solar energy, and green manufacturing. She underscored that proactive measures and strategic investments could not only mitigate economic losses but also foster sustainable growth and resilience against climate change impacts.

By Naija247news
By Naija247news
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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