Nigeria is facing a staggering annual economic loss of $500 billion due to the rapid decline of its biodiversity, a situation officials have labeled a major environmental and financial crisis requiring immediate action.
Massive Financial Gap and Urgent Calls for Investment
Speaking at a recent event, Deputy Director Aiwuyo Christopher, representing Halima Bawa-Bwari of the Federal Ministry of Environment's Forestry Department, revealed the alarming scale of the loss. He contextualized this national emergency within a global crisis, pointing out a huge funding shortfall. While $120 billion is accessible via global financing, a massive gap of $380 billion remains each year.
Bawa-Bwari identified the Biodiversity Finance Initiative (BIOFIN) as a key mechanism for Nigeria to bridge part of this deficit. The strategy involves mobilizing investments from both public and private sources, creating new revenue streams, and aligning economic incentives with conservation goals. She hailed the launch of the Biodiversity Finance and Economic Resource Mechanism (BIOFERM) as a critical step towards protecting the nation's vital forest ecosystems and the biodiversity 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," Bawa-Bwari stated.
Private Sector Pivotal in Treating Nature as an Economic Asset
Echoing this sentiment, Dr. Eugene Itua, CEO of Natural Eco Capital, argued that nature must be recognized as a core economic asset, not a charitable cause. He emphasized that protecting biodiversity opens doors for shared value creation, business expansion, and national development.
Dr. Itua announced the formation of a Biodiversity Finance and Business Advisory Group to promote sectoral investment. He insisted that for long-term sustainability, the private sector must embed biodiversity targets directly into its business models.
"Nature is one of our most valuable assets, and it must be protected as smart economics, not philanthropy," Itua said. "By linking biodiversity targets with business strategies and national development priorities, this partnership will help companies understand, measure and manage their dependencies, risks and impacts on nature in ways that create shared value."
Ecosystems Under Pressure and a Path Forward
Oluwasooto Ajayi, Africa Lead at Business for Nature, warned that Nigerian ecosystems are under unprecedented strain from unsustainable exploitation, land-use changes, and climate variability. "The urgency to act has never been greater," Ajayi declared, while acknowledging positive steps like Nigeria's increased forestry budget and stronger institutional frameworks.
Dr. Joseph Onoja, Director General of the Nigerian Conservation Foundation (NCF), confirmed that the BIOFERM initiative aligns with Nigeria's commitments under the United Nations Convention on Biological Diversity. He stressed that businesses, which rely heavily on raw materials from nature, must take ownership of conservation efforts.
"For over four decades, the NCF has championed the protection and sustainable use of our nation’s biodiversity. This partnership creates a platform to engage the private sector in restoring ecosystems, creating green jobs and safeguarding Nigeria’s natural heritage," Onoja said. He concluded with a powerful reminder: "Biodiversity conservation is everyone’s business."
