Nigeria has taken steps to close part of its estimated $500 billion yearly loss to biodiversity decline by mobilising public and private investments, unlocking new revenue streams and aligning economic incentives with conservation goals.
The move is anchored on the launch of the Biodiversity Finance Initiative (BIOFIN), through which the private sector plans to integrate biodiversity into business strategy to safeguard long-term economic sustainability. The initiative is also designed to mobilise private sector action in support of Nigeria’s biodiversity targets under the National Biodiversity Strategy and Action Plan (NBSAP).
A key component of the initiative is the National Business Advisory Group on Biodiversity, which will serve as a multi-stakeholder platform to foster dialogue, policy alignment and collaboration among businesses, government and civil society to advance nature-positive development.
Speaking at the inauguration of the group in Abuja, organised by the Nigerian Conservation Foundation (NCF) in collaboration with Natural Eco Capital and Business for Nature, the Director of Forestry in the Federal Ministry of Environment, Halima Bawa-Bwari, warned that Nigeria’s biodiversity loss mirrors a global crisis, noting that only about $120 billion is currently available worldwide through existing biodiversity financing mechanisms.
Bawa-Bwari, who was represented by the Deputy Director, Christopher Aiwuyo, described the launch of BIOFIN as a critical milestone in safeguarding 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 is committed to a nature-positive future rooted in its national development vision. “Partnering with the private sector, civil society and government will help align investment and innovation with our biodiversity and climate goals,” she added.
Bawa-Bwari emphasised that forests do far more than provide timber, noting that they regulate climate, protect watersheds, provide food and medicine, and support rural livelihoods across the country.
Also speaking, Chief Executive Officer of Natural Eco Capital, Dr Eugene Itua, said nature must be treated as a core economic asset rather than charity, stressing that biodiversity protection presents opportunities for shared value creation, business growth and national development.
He disclosed that the Biodiversity Finance and Business Advisory Group would promote nature-positive business practices, describing biodiversity as “one of Nigeria’s most valuable assets.” According to him, the private sector must integrate biodiversity targets into corporate strategies to safeguard long-term economic sustainability.
Itua noted that public-private partnerships are now central to global environmental solutions.
“Nature must be protected as smart economics, not philanthropy. By linking biodiversity targets with business strategy and national development priorities, this partnership will help companies understand, measure and manage their dependencies, impacts, risks and opportunities on nature in ways that create shared value,” he said.
Africa Lead, Business for Nature, Oluwasooto Ajayi, said biodiversity is under unprecedented pressure from unsustainable exploitation, land-use change and climate variability, calling for urgent and coordinated action. He noted that Nigeria has demonstrated commitment through increased budgetary allocation to forestry, stronger institutional frameworks and the integration of biodiversity financing into national planning.
He added that development partners are also supporting efforts to mainstream biodiversity considerations across key sectors such as agriculture, infrastructure and energy.
In his contribution, NCF Director-General, Dr Joseph Onoja, said the establishment of BIOFIN aligns with Nigeria’s obligations under the United Nations Convention on Biological Diversity. He said the initiative provides a unique platform to engage the private sector in ecosystem restoration, green job creation and the protection of Nigeria’s natural heritage.
“For over four decades, the NCF has championed the protection and sustainable use of our nation’s biodiversity. Businesses depend heavily on natural resources, so they must take ownership of conservation. Biodiversity conservation is everyone’s business,” Onoja said.
He added that the partnership would strengthen the implementation of the National Biodiversity Strategy and Action Plan, promote sustainable financing mechanisms, and accelerate private sector participation in achieving Nigeria’s biodiversity and climate objectives.
