What World Bank Projects 30% Of Nigeria’s GDP For 28 Years

By Tolulope Oke

According to a 2050 projection by the World Bank, which will be 28 years from now, climate change might cost Nigeria 30% of its GDP.

This was disclosed in a release titled, “World Bank Group Exceeds New Climate Finance Target – $31.7 Billion in Funding for Climate Action.”

The Bank said “Climate change is causing severe water stress in Nigeria, causing droughts to increase in frequency and intensity. This affects Nigeria’s economic growth – it could cost the country as much as 30% of its GDP by 2050, affecting the livelihoods of millions of households, worsening food security and livelihoods, and increasing the risk of violent conflict.”

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The Bank also mentioned a funded  project meant  to reduce the impact of  climate change in Nigeria. The Bank said “A $700 million Agro-Climatic Resilience in Semi-Arid Landscapes Project aims to develop 20 watershed management plans covering all of Northern Nigeria.

“It will prioritize investments that can slow desertification while supporting natural resource-based livelihoods. For instance, investing in sustainable oases and wetlands can be vital for adaptation and provide alternative incomes for communities.”

According to the bank, the project is intended to guarantee community-level involvement, develop local capacity and cooperation between various organizations, and provide openness across many institutions so that addressing climate change may also strengthen the existing institutional frameworks.