The Federal Government said that its participation at the COP28 Climate Summit in Dubai, UAE, resulted in over $5 billion in promises to strengthen its climate action efforts.
Dr. Salisu Dahiru, Director-General of the National Council on Climate Change (NCCC), made this statement on Wednesday during an event commemorating Nigeria Day at the climate conference in Dubai.
According to Dahiru, the US government made financial pledges to support Nigeria’s climate change initiatives.
He went on to say that $3 billion of the $5 billion will be used to recapitalize the Green Climate Fund, with the remaining $2 billion going to the adaptation fund.
Furthermore, the director general said that Nigeria has acquired an additional $560 million for loss and damage, a fund set up to compensate for climate-related calamities.
Speaking about additional achievements made by Africa’s most populous country during the COP28 summit, Dahiru said that Nigeria has inked Memorandums of Understanding with Siemens of Germany and Infracorp to manufacture solar panels in Nigeria.
Dahiru stated that the agreements struck by Nigeria at the climate conference will create jobs and decrease the mass exodus from Nigeria to other nations.
“We are proud to announce that on the first day of COP28, Nigeria’s long-term loan initiative strategy was actually launched, and we are depositing with the UNFCCC in fulfilment of the requirement under the Paris Agreement.
“We have taken the internal stocktake of the climate situation in Nigeria to have total and holistic picture of state of climate change action and agree on how best to collectively in a complimentary manner work towards achieve this and delivering results on the ground for us that will also assist us.
“Carbon Market Development Framework, which again in this COP28 three days ago, President Bola Tinubu gave a marching order for the activation of the carbon market to take place immediately,’’ Dahiru explained.
Furthermore, the NCCC’s director general disputed reports made in many media outlets that the Nigerian delegates went shopping and sightseeing in Dubai. He insisted that the delegates were negotiating funds for Nigeria’s action plan.
“This (COP28) will enable Nigeria to attract complementary activities, projects, commitment and funding.
“No sightseeing and shopping in the agenda of the council; all delegates are engaged in negotiations that will help Nigeria in seeking funding for its climate adaption plan,” Dahiru said.
