Oluwafunbi Bello 
PORT HARCOURT, Nigeria – The Corporate Accountability and Public Participation Africa (CAPPA) has warned that the $3 billion annual climate finance Nigeria aims to mobilise is inadequate to tackle the growing environmental and climate challenges facing the country.
Speaking on Tuesday, Associate Director of Climate and Environment at CAPPA, Olamide Ogunlade, said the proposed funding is insufficient considering the scale of flooding, accelerating desertification, food insecurity, and the rising cost of energy transition.
“The amount being targeted is small compared to the attention needed to tackle the current climate realities facing the country,” Ogunlade said. “Nigeria needs far greater investment to address the scale of floods, desertification, and energy transition challenges.”
Nigeria intends to raise the funds through its National Carbon Market Framework and Climate Change Fund, announced earlier by Vice President Kashim Shettima at the COP30 Climate Conference in Belém, Brazil.
However, Ogunlade called for transparency and multistakeholder oversight in managing the funds.
“There is a need for transparency and accountability. The fund should be managed with oversight from government, civil society, and frontline communities,” he stressed.
He also noted that Nigeria’s ambition to reduce carbon emissions by 32 percent by 2035 may be difficult to achieve under current policy inconsistencies and reliance on fossil fuels.
“The country must prioritise renewable energy and reduce dependence on fossil fuels,” he stated.
Ogunlade further urged developed nations to meet their climate finance commitments, noting that Nigeria must advocate for equity in global climate negotiations.
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Korede Abdullah 
Chukwu Obinna 
Oluwatobi Adu 
Otamere Gladness