The Speaker, House of Representatives, Tajudeen Abbas said yesterday warned that climate inaction could cost Nigeria up to 30 per cent of its Gross Domestic Product by 2050 equivalent to about $460 billion.

The Speaker said the impacts of climate change are already being felt across the country with serious economic and environmental consequences, while calling for urgent and coordinated action to accelerate Nigeria’s transition to a low-carbon economy.

Abbas spoke while declaring open the National Decarbonisation Technical Roundtable organised by the House Committee on the Mandatory National Decarbonisation Programme.

Represented by Muktar Shagaya, the Speaker said climate change is no longer a distant or theoretical threat, but a present reality affecting communities across Nigeria through extreme weather conditions and environmental disruptions.

According to him, while the northern part of the country is increasingly experiencing drought and desertification, the western region has recorded rising temperatures, while eastern states continue to battle flooding and erosion, with southern parts of the country witnessing increasingly irregular rainfall patterns.

He said: “Climate change is real, and its impact is no longer something we will face in the future; it is already here. From drought in the North to flooding and erosion in the east, and abnormal rainfall patterns in the South, climate change has become a lived experience for Nigerians.”

The Speaker said global action on climate change has intensified since the adoption of the Paris Agreement, where 196 countries, including Nigeria, committed to reducing greenhouse gas emissions through nationally determined contributions aimed at limiting global warming.

The Speaker warned that failure to respond decisively could have devastating economic implications for the country, particularly for sectors such as agriculture, infrastructure, and energy that are highly vulnerable to climate-related disruptions.

He said: “As one of Africa’s largest economies and the most populous nation on the continent, Nigeria consistently ranks among the countries most affected by extreme weather events.

The economic costs of inaction are enormous and could run into hundreds of billions of naira annually.”

He emphasised that Nigeria’s decarbonisation agenda should not be interpreted as an attempt to undermine the country’s oil and gas sector, which remains a critical pillar of the national economy.

Instead, he said the transition provides a strategic opportunity to diversify the economy, build competitive green industries, and attract new investment aligned with global climate priorities.

Chairman of the House Committee on the Mandatory National Decarbonisation Programme, Sesi Whingan, said ongoing legislative initiative is aimed at establishing a comprehensive national framework to drive Nigeria’s transition to a low-carbon economy.

Whingan explained that the roundtable marks the beginning of a structured national engagement process designed to build consensus among policymakers, regulators, industry leaders, development partners, and civil society organisations on the pathway toward implementing a mandatory national decarbonisation programme.

He said the National Assembly has already enacted several key legislations to support Nigeria’s climate and energy transition efforts, including the Climate Change Act 2021, the Electricity Act 2023, the Petroleum Industry Act 2021, and the National Environmental Standards and Regulations Enforcement Agency Act.

He added that the House is seeking to complement the climate and green economy initiatives of President Bola Tinubu, particularly efforts aimed at unlocking economic opportunities within the emerging carbon market.

Whingan disclosed that the Federal Government has already approved a National Carbon Market Framework, which is projected to generate between $2.5 billion and $3 billion annually over the next decade.

The framework, he explained, will establish rules for carbon credit registration, issuance, and verification while encouraging emission-reduction projects in sectors such as forestry, renewable energy, clean cooking technologies, and climate-smart agriculture.

“The consultations we are holding are designed to map existing decarbonisation initiatives in Nigeria, identify areas of alignment and collaboration across sectors, and develop a legislative framework that will strengthen investor confidence in the country’s carbon market and broader green economy,” Whingan said.

Director for Africa at the Global Wind Energy Council, Wangari Muchiri, said Nigeria’s growing commitment to decarbonisation presents significant opportunities for economic diversification, job creation, and increased investment in clean energy.

Muchiri described the transition to a low-carbon economy as critical for Nigeria, particularly given the carbon-intensive nature of major sectors such as oil and gas and agriculture.

She explained that the global shift toward cleaner energy systems presents Nigeria with an opportunity to reposition itself economically by tapping into the rapidly expanding carbon economy.

“The decarbonisation agenda for Nigeria is really critical. Many sectors in Nigeria, including oil and gas and agriculture, are very carbon-heavy. But in today’s global economy, this presents a big opportunity for Nigeria to capitalise on the carbon economy, create jobs, and bring new income into the sector,” she said.

Muchiri said the engagement between lawmakers, technical experts, and international partners is aimed at strengthening the national conversation around decarbonisation and fostering coordinated action across sectors.

She said Nigeria has already demonstrated readiness to pursue the transition, citing commitments made by President Tinubu at international climate forums, including the United Nations Climate Change Conference.

According to her, the government’s policy direction has encouraged international partners and private sector stakeholders to support Nigeria’s clean energy transition.

“I think one of the things we are seeing is that Nigeria is ready. The President has said on several occasions, including at COP last year that Nigeria is prepared for a decarbonisation agenda. We are excited to see many partners ready to walk this journey with the country,” she said.

Muchiri called on development partners, investors, and technical experts to deepen their support for Nigeria through financing, knowledge transfer, and technical capacity development to accelerate the country’s transition to a sustainable, low-carbon economy.