We'll exploit climate challenges to reshape economy in Nigeria

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President Bola Tinubu has assured that Nigeria will transform the challenges posed by climate change into opportunities for economic transformation and sustainable development.

He gave the assurance on Tuesday in his keynote address at the launch of a sustainability emission tracking device by Netzence Sustainability Limited, a sustainability technology and management company.

Tinubu observed that rising temperatures, extreme weather events, and shifting rainfall patterns are threatening the foundation of Nigeria’s development and the well-being of its people.

Represented by the Minister of Science, Technology, and Innovation, Dr. Uche Nnaji, President Tinubu spoke on the theme, “Accelerating Nigeria’s Net Zero Target and Carbon Market Ecosystem with Netzence Sustainability Limited.”

He said that within the challenge, there is a tremendous opportunity to reshape the nation’s economy, embrace sustainable development, and position Nigeria as a leader in the global fight against climate change.

The president stated: “Nigeria, like many other nations, is already witnessing the devastating impacts of climate change. Rising temperatures, extreme weather events, and shifting rainfall patterns are affecting our communities, our agriculture, and our economy.

“These changes threaten the very foundation of our development and the well-being of our people.

“Yet, within this challenge lies a tremendous opportunity to reshape our economy, embrace sustainable development, and position Nigeria as a leader in the global fight against climate change.”

President Tinubu further noted that Nigeria has set an ambitious target: to achieve net zero emissions by 2060, adding: “This is not just a target; it is a commitment to future generations, a commitment to protect our environment, and a commitment to drive economic growth sustainably.”

President Tinubu said the federal government is building on existing milestones it has made in climate change adaptation efforts, including the Nigerian Carbon Market Initiative, the Green Bond Initiative, the National Council on Climate Change, and the Renewable Energy Policy.

“But our journey does not end here,” he stated, adding that “to truly accelerate our net zero target, we must focus on several critical areas.”

According to him, these areas comprise clear and consistent policies and regulations, a robust carbon pricing mechanism, massive mobilisation of green finance, embracing new technologies, driving innovation, and strengthening partnerships with other nations, international organisations, and the private sector to “share knowledge, attract investment, and open new markets for Nigerian products and services.”

He added: “By focussing on these areas, Nigeria can achieve its net zero target, reduce greenhouse gas emissions, and contribute meaningfully to global climate efforts.

“But the benefits do not stop there. As we transition to a low-carbon economy, we will create new economic opportunities, generate jobs, and improve the quality of life for all Nigerians.”

The president commended Netzence Sustainability Limited for “taking the lead on this noble journey.”

He assured the company that the federal government, through the Ministry of Innovation, Science, and Technology and other MDAs, will collaborate with you in pioneering solutions that will accelerate Nigeria’s path to Net Zero.

Speaking on technical details earlier, the founder and CEO of Netzence Sustainability Limited, Dr Sadiq Sani, briefed stakeholders about the new product, CloseCarbon, a Carbon Footprint tracking System.

He said CloseCarbon “effortlessly tracks, monitors, and calculates your carbon footprint, contributing to a more sustainable future.”

He affirmed that Netzence is poised to assist the government in achieving the 2030 emission reduction target, 2050 and 2060 Net Zero targets and the United Nations Sustainable Development Goals.

“Our cutting-edge solutions will empower Nigeria to meet its Nationally Determined

Contribution goals, aligning with global net-zero targets,” said Sani.

According to him, this will be achieved through real-time insight into NDC, emission reduction management, and promoting sustainable sector-based practices.

He explained that the product was born from an industry-wide survey that revealed a shortage of verifiable data to back emission reduction claims.

“As a result of that, we have been able to develop embedded systems and also technologies that we can use to reduce emissions by monitoring what has been done.”

Sani also promised free onboarding for individuals and companies open to adopting its new products.

The CEO further stated: “The CloseCarbon, which has been launched today, will be actively available for individuals to come on board, register on the platform, and we can onboard you.

“And we made a promise… for every individual, we onboarded ClosCarbon, which is free for every individual to use. So our technologies that we have built and designed are completely free for everybody.”

Speaking to correspondents after the event, Netzence Chief Operations Officer, Idia Okundaye-Ogedegbe, said: “We are proud that our software was fully developed by Nigerians, and in our employment, we have developers who are home-grown, and that’s one of the achievements we want to put forward and the laudable achievements of the President and Commander-in-Chief of the armed forces, Asiwaju Bola Tinubu, for his initiative and what he is doing in carbon space.”