Abstract
The study examines the economic impact of climate change. This is done through a field survey design which involves survey of marketers in Port Harcourt with the aid of archival data from Port Harcourt. Climate data were collected from the archives of Nigeria Meteorological Agency from 1950 to 2015 based on the availability of data. And data on prices and quantity of umbrella, cement, ice cream, cream, palm oil, rubber sander, cold sachet water sold, etc. were extracted from the traders’ dairies from 2004 to 2014. The data collected were presented in tables and descriptive diagrams, and analyzed with the multiple regression analysis; this was done to determine the effect of rainfall and temperature on prices of goods in the city. The results revealed an evidence of climate change in Port Harcourt with an increase of 1581 mm and 3°C for rainfall and temperature, and double rain maxima in the months of July and September. It also confirms the concept of econo-climate by establishing strong correlation between rainfall and temperature and price of goods demanded and supplied. The price and the quantity of goods demanded and supplied are significantly dependent on the amount of rainfall and temperature in the area, and as such the quantity of goods demanded and supplied negates the law of demand and supply which states that the higher the price, the higher the quantity supplied in the area. On this premise planners at the federal, state and local government levels are advised to incorporate climate mitigation and adaptation strategies in urban renewer and planning to avoid unforeseen climate disasters in our urban areas.
Highlights
Climate change and variability affect countries’ economies and households through a variety of channels [1].How to cite this paper: Efe, S.I. and Weli, V.E. (2015) Economic Impact of Climate Change in Port Harcourt, Nigeria
The climate characteristics, quantity and price of goods sold in Port Harcourt are discussed . 3.1
The normal period of rainfall showed a u-shape, indicating a decrease in rainfall from 2693 mm (1950-1979) to 2316 mm (1980-2009), thereafter a rise to 2670 mm in 2010-2015, this showed that while 1950-1979 and 2010 till date are wetter epoch, 1980-2009 is the driest periods. This is an evidence of climate change in Port Harcourt with R value of 1, and the polynomial trend line revealed that increase in rainfall correlated perfectly with increase in years
Summary
Climate change and variability affect countries’ economies and households through a variety of channels [1]. A higher frequency of droughts will change hydropower production, and an increase in floods can significantly increase the need for public investment in physical infrastructure [2]-[4] These sector-level impacts will in turn affect other sectors and economic growth and household incomes. Climate change may exacerbate climate variability and reduce agricultural production and incomes in countries that depend on annual floods such as Bangladesh or in drought-prone countries such as many in the Middle East [7] [8] Adding up these country level effects from climate change is likely to have impacts on the global economy through changes in global supply, trade flows and commodity prices. Port Harcourt is an important case study given the city’s location in a region that is consistently projected to be amongst the hardest hit by climate change
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