Climate change’ll cost Nigeria $460bn by 2050 – Expert

The Director, Centre for Climate Change and Development at the Alex Ekwueme Federal University, Ebonyi State, says climate change will cost Nigeria $460 billion by 2050 if action is not taken to mitigate its effects.

Okereke made the disclosure in an interview with the News Agency of Nigeria on the sidelines of the ninth international Lagos Climate Change Summit, in Lagos.

“Climate change is costing Nigeria already $100 billion per annum. This amount will rise to about $460 billion per annum by 2050.

“And this represents a huge amount of our Gross Domestic Product.

“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 that 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…

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