By Victoria Ojeme

The African Network for Environment and Economic Justice (ANEEJ) has joined forces with over 55 Civil Society Organizations (CSOs) to demand urgent financial measures to combat the pressing climate challenges confronting Nigeria.

They made the call at the end of a stakeholders’ engagement meeting yesterday in Abuja to discuss debt relief for climate action.

The meeting brought together key stakeholders from government, climate negotiations, the National Assembly, CSOs, and the media to reflect on the outcomes of the Africa Climate Summit held in Nairobi from September 4-6, 2023.

The CSOs unified under the Network for Debt, Development, and Climate Change (NDDCC) and with support from the Heinrich Böll Foundation for the event, themed “Advancing Debt Relief for Climate Action: Post African Climate Summit Reflections and the Way Forward.”

Participants at the meeting reviewed the Nairobi Declaration of the Africa Climate Summit, which called for debt relief for African countries to enable them to invest in climate action. They expressed deep concern over the rising debt crisis in Nigeria and Africa, and that debt service and payments are exacerbating the climate crisis.

Participants called on the Nigerian government to take leadership at COP28 in advancing the Nairobi Africa Declaration on Climate Change. They also urged the international community and creditor countries to urgently consider debt relief and debt restructuring for countries in debt distress in Africa.

In addition, participants called for the operationalization of the Loss and Damage global fund and the mechanism put in place for countries in less developed countries for victims of environmental damage to access as agreed in COP27. They also called for the review of Debt Sustainability Analysis to take climate and poverty into consideration, and not just debt-to-GDP or debt-to-revenue indicators.

Participants called on the Nigerian government to attend COP28 with a strong technical team that will be involved in climate negotiations. They also called for transparency and accountability with borrowings at both the federal and state levels in line with the Fiscal Responsibility Act.

The stakeholder engagement meeting was a significant step in advancing the cause of debt relief for climate action in Nigeria. The government of Nigeria and other African countries should heed the call of the participants and take the necessary steps to make debt relief a reality.

Immediate operationalization of International Climate Finance Funds, including the long-awaited $100 billion promised in Copenhagen, was stressed. These funds are crucial to support adaptation and mitigation programs in Nigeria and other African countries aligned with the Sustainable Development Goals and the Paris Climate Agreement.

African leaders were urged to enhance Domestic Resource Mobilization efforts to combat the region’s climate crisis effectively.

Transparency and accountability in borrowings, both at the federal and state levels, were emphasized, aligning with the Fiscal Responsibility Act. The Nigerian National Assembly was encouraged to actively engage in climate debates, prioritizing the interests of the impoverished and vulnerable citizens impacted by climate change.

Nigeria was urged to align itself with emerging initiatives for global financial architecture reform, such as the proposed International Financial Management Architecture under the United Nations, the Bridgetown Initiative, and the V20 Group of Ministers.

This gathering of impassioned stakeholders underscores the urgent need for global collaboration in the face of the escalating climate crisis. As the world hurtles toward COP 28, the spotlight now rests on the international community’s response to these crucial calls for action.