THE EFFICACY OF CLIMATE CHANGE FINANCING ON SUSTAINABLE ECONOMIC DEVELOPMENT IN NIGERIA

Abstract

Climate change has become an increasingly pressing issue across the world, particularly in developing countries, and Nigeria is no exception. As climate change continues to create severe weather cycles such as floods and droughts, Nigeria has looked for ways to tackle the resulting development challenges. One option that has arisen is the utilization of climate change financing to drive economic development. This paper seeks to evaluate the efficacy of climate change financing on sustainable economic development in Nigeria. A comprehensive literature review of relevant studies was conducted to assess the efficacy of climate change financing on sustainable economic development in Nigeria. The research showed that climate change financing has many potential benefits, such as reducing poverty and inequality, promoting economic growth, and creating employment opportunities. Climate change financing also has the potential to provide communities with the resources needed to adapt to the changing climate and improve their resilience. However, the research also revealed that the efficacy of climate change financing depends on proper management, governance, and coordination. The paper further discusses policy recommendations for the effective utilization of climate change financing for sustainable economic development in Nigeria. It emphasizes the need for a greater focus on improving the management, governance, and coordination of climate change financing projects. The paper concludes by proposing further areas of research that could be explored in order to better understand the efficacy of climate change financing on sustainable economic development in Nigeria.