Nigeria secures over $5 billion funding at COP28 to boost climate action efforts

The Federal Government has disclosed that its participation in the COP28 Climate Summit in Dubai, UAE has yielded over $5  billion in commitments to boost its climate action efforts.

This disclosure was made by Salisu Dahiru, the Director-General of the National Council on Climate Change (NCCC) on Wednesday at an event organised to mark the Nigeria Day at the climate summit in Dubai.

According to Dahiru, the financial commitments to aid Nigeria’s climate action efforts came from the U.S. Government.

He further explained that $3 billion from the $5 billion is for the recapitalisation of the Green Climate Fund, while the remaining $2 billion is for the adaptation fund.

In addition, the director general disclosed that Nigeria secured an additional $560 million for loss and damage, a fund operationalised as compensation for climate-induced disasters.

Speaking on the other gains recorded by Africa’s most populous country at the COP28 conference, Dahiru also disclosed that Nigeria had signed Memoranda of Understanding with Siemens of Germany as well as Infracorp to produce solar panels in Nigeria.

Dahiru pointed out that these deals the country has signed at the climate summit will create jobs and reduce mass emigration from Nigeria to other countries.

The director general of the NCCC denied claims perpetrated across several media that the Nigerian delegates had visited Dubai for shopping and sightseeing. He maintained that the delegates were in negotiations to secure funding for Nigeria’s action plan.

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