In a decisive move to counter massive economic losses from environmental degradation, the Nigerian government has mobilised the private sector for a major conservation push. The initiative aims to close part of the country's staggering estimated yearly loss of $500 billion attributed to biodiversity decline.
BIOFIN: A New Framework for Investment
The strategy is anchored on the official launch of the Biodiversity Finance Initiative (BIOFIN). This framework is designed to unlock new revenue streams and align economic incentives with critical conservation goals. A core mechanism under BIOFIN is the creation of the National Business Advisory Group on Biodiversity.
This group will serve as a multi-stakeholder platform to foster dialogue and collaboration among businesses, government agencies, and civil society. The goal is to drive what experts term "nature-positive development." The group was inaugurated in Abuja at an event organised by the Nigerian Conservation Foundation (NCF) in collaboration with Natural Eco Capital and Business for Nature.
Speaking at the event, the Director of Forestry in the Federal Ministry of Environment, Halima Bawa-Bwari, sounded a global alarm. Represented by Deputy Director Christopher Aiwuyo, she noted that Nigeria's biodiversity crisis mirrors a worldwide shortfall in funding. "Only about $120 billion is currently available worldwide through existing biodiversity financing mechanisms," she revealed.
Forests as Economic Assets, Not Just Timber
Bawa-Bwari described the BIOFIN launch as a critical milestone for safeguarding Nigeria's forest ecosystems and the life they support. "For a nation to make progress, decisive steps must be taken to secure the future of our forest ecosystems and conserve the invaluable biodiversity that sustains life and livelihoods," she stated.
She emphasised that forests provide far more than timber; they regulate climate, protect watersheds, and are sources of food, medicine, and rural income. "Partnering with the private sector, civil society and government will help align investment and innovation with our biodiversity and climate goals," Bawa-Bwari added, reaffirming Nigeria's commitment to a nature-positive future.
Echoing this sentiment, Dr. Eugene Itua, CEO of Natural Eco Capital, argued that nature must be treated as a core economic asset, not a charitable cause. "Nature must be protected as smart economics, not philanthropy," he said. He stressed that biodiversity protection opens doors for shared value creation, business growth, and national development.
Itua explained that the advisory group would help companies integrate biodiversity targets into corporate strategies. This integration is vital for managing dependencies, impacts, and risks related to nature while uncovering new opportunities.
Aligning with National and Global Commitments
Oluwasooto Ajayi, Africa Lead for Business for Nature, highlighted the unprecedented pressure on biodiversity from exploitation, land-use change, and climate variability. He acknowledged Nigeria's demonstrated commitment through increased forestry budgets, stronger institutions, and integrating biodiversity financing into national planning.
Dr. Joseph Onoja, Director-General of the NCF, noted that BIOFIN aligns with Nigeria's obligations under the United Nations Convention on Biological Diversity. "For over four decades, the NCF has championed the protection and sustainable use of our nation's biodiversity. Businesses depend heavily on natural resources, so they must take ownership of conservation. Biodiversity conservation is everyone's business," Onoja asserted.
He concluded that this public-private partnership would strengthen the implementation of the National Biodiversity Strategy and Action Plan (NBSAP). It is expected to promote sustainable financing and accelerate private sector action towards achieving Nigeria's biodiversity and climate objectives.
