Economic Implications of Climate Change and the Imperative of Re-Directing Financial Resources in Nigeria

Abstract

Nigeria like other countries of the world is faced with the challenges of ensuring sustainable environmental development through economic policies and governmental activities. According to the Organization of Economic Cooperation and Development (OECD), economic dangers and losses arising from climate destabilization could cause the global economy up to $970 billion. This paper therefore examined the economic implications of climate change in Nigeria. Relevant literature was reviewed and secondary data was collected. Based on the available information, it was recommended that government and its agencies should utilize effectively the available financial resources and embank on environment friendly projects and activities in order to achieve sustainable development.