New report by Connected Development (CODE), INKA Consult, and Oxfam reveals that Nigeria receives only four per cent ($704 million) of the $17.7 billion it requires yearly to address worsening climate-related disasters.
  
Oxfam’s report also highlights the alarming surge in inequality in Nigeria, revealing that while the wealth of the richest continues to grow exponentially; millions of citizens remain trapped in poverty.
  
The Chief Executive of Connected Development (CODE), Hamzat Lawal, disclosed this in Abuja, during the presentation of the “State of Climate Finance in Nigeria” reports, underscoring the alarming growth of wealth inequality. 
  
Lawal noted that in 2024, global billionaires amassed $2 trillion, three times faster than the previous year.  He said: “In Nigeria, the wealth gap has reached alarming levels, with four billionaires controlling $2.7 billion, enough to cover Lagos in N5,500 notes.”

The report outlines Nigeria’s escalating debt burden, with 75 per cent of the $4.9 billion in climate finance received between 2015 and 2021 coming as loans. This contributes to 36 per cent of the nation’s total debt burden, while 37 per cent of the national budget is allocated to debt servicing. The resulting financial strain limits resources for critical sectors such as healthcare, education, and climate resilience.
  
In his remarks, the Country Director of Oxfam in Nigeria, John Makina, warned that without adequate and sustainable climate finance, Nigeria faces the risk of missing its climate targets and endangering millions of lives.
  
In his remarks, the Lead Researcher at Connected Development, Augustine Okere, said: “With greater transparency and targeted funding, communities on the front lines of climate change can build sustainable resilience. Without this, Nigeria risks a downward spiral of climate-induced poverty and displacement.”