Nigeria is losing an estimated $500 billion annually to biodiversity decline, a major economic and environmental setback that experts say requires urgent intervention.

Stakeholders have urged the private sector to integrate biodiversity considerations into business strategies to safeguard long-term economic sustainability.

Speaking on behalf of the Director of Forestry at the Federal Ministry of Environment, Halima Bawa-Bwari, Deputy Director Aiwuyo Christopher, warned that Nigeria’s biodiversity loss reflects a global crisis.

He noted that only $120 billion is currently available through global financing mechanisms, leaving a $380 billion annual shortfall.

Bawa-Bwari said Nigeria could close part of this gap through the Biodiversity Finance Initiative (BIOFIN) by mobilising both public and private investments, unlocking new revenue streams, and aligning economic incentives with conservation efforts.

She described the launch of the Biodiversity Finance and Economic Resource Mechanism (BIOFERM) as a significant milestone in efforts to safeguard the nation’s forest ecosystems and the biodiversity they support.

“For a nation to make progress, decisive steps must be taken to secure the future of our forest ecosystems and conserve the invaluable biodiversity that sustains life and livelihoods,” she said.

According to her, Nigeria remains committed to a nature-positive future, aligned with its national development vision and supported by partnerships across the private sector, civil society and government institutions.

Aiwuyo stressed that forests provide more than timber; they regulate climate, protect watersheds, supply food and medicine, and support rural livelihoods.

Also speaking, CEO of Natural Eco Capital, Dr. Eugene Itua, said nature must be treated as a core economic asset rather than charity.

He noted that protecting biodiversity presents opportunities for shared value creation, business growth and national development.

Itua disclosed that the Biodiversity Finance and Business Advisory Group would promote investment in the sector, adding that the private sector must integrate biodiversity targets into business models to ensure long-term sustainability.

“Nature is one of our most valuable assets, and it must be protected as smart economics, not philanthropy,” she said.

“By linking biodiversity targets with business strategies and national development priorities, this partnership will help companies understand, measure and manage their dependencies, risks and impacts on nature in ways that create shared value.”

Oluwasooto Ajayi, Africa Lead at Business for Nature, warned that ecosystems are facing unprecedented pressure from unsustainable exploitation, land-use change and climate variability.

“The urgency to act has never been greater,” Ajayi said, noting Nigeria’s increased forestry budget, stronger institutional frameworks and integration of biodiversity financing into national development planning.

Director General of the Nigerian Conservation Foundation (NCF), Dr. Joseph Onoja, said the establishment of BIOFERM aligns with Nigeria’s obligations under the United Nations Convention on Biological Diversity.

“For over four decades, the NCF has championed the protection and sustainable use of our nation’s biodiversity. This partnership creates a platform to engage the private sector in restoring ecosystems, creating green jobs and safeguarding Nigeria’s natural heritage,” he said.

Onoja added that businesses must take ownership of conservation, as they depend heavily on natural resources.

“Raw materials come from nature, so businesses must have an interest in conservation. Biodiversity conservation is everyone’s business,” he said.

He explained that the partnership would strengthen the implementation of the National Biodiversity Strategy and Action Plan and promote business practices that protect nature while supporting long-term economic growth.