Climate Change: Surge Wipes out Six Lagos Communities

James Sowole in Abeokuta

The General Manager(GM) of the Lagos State Environmental Protection Agency (LASEPA), Dr Babatunde Ajayi, has said that six communities had been wiped out on the shores of the coast of Lagos.

The situation, according to the GM, was caused by ocean surge resulting from climate change.

The LASEPA boss revealed the situation while speaking as a guest speaker on Climate Investment, which was a sub topic at the second annual symposium organised by the Department of Finance, School of Management of Babcock University, Ilishan-Remo, Ogun State.

The symposium with the theme “Public-Private Partnerships in Climate Finance: The Role of Governments and Impact Investors,” was held within the university’s campus, has the President of the Chatered Institute of Bankers of Nigeria (CIBN), Prof Deji Olanrewaju as Special Guest and the Unit Head Consumers Proposition, Access Bank Plc, Mrs Adaeze Ume and Dr Femi Ademola were other guest speakers at the event.

Ajayi said, “On the impact of climate change, I can speak for Lagos because I am in Lagos, I work in Lagos and for Lagos.

“The impact of climate in our city in Lagos is so obvious, so visible. Starting from Okun Aja, Mowo Kekere, Mowo Nla and all of those communities, they are on the shores of Lagos.

“If you are not afraid of the boat, if you get down from the beach or Eko Atlantic and you go through that ocean corridor, surge has put out a lot of communities.

“People who used to live 150 to 200 metres into the current ocean had been displaced, though they were born there.

 “These people, who were 50 years at least, were born more than 50 metres away from where they were standing now. You can see there are significant impact of climate change in Lagos in particular.

“There are coastal erosions, very obvious, very visible. We are always trying to evacuate people trying to resettle them. This is an aspect of climate investment.”

On climate financing, Ajayi said Lagos State just got  $260,000  from Japanese Government two weeks ago, adding that the state just started implementation of the project for which the money was meant.

Declaring open the symposium, the Vice Chancellor of Babcock University, Prof Ademola Tayo, emphasised the need for both the public and the private sector to mobilise resources to stem the ugly tide of climate change.

Prof. Tayo said that like never before, the world is facing unprecedented climate crisis with extreme weather conditions marked by flooding, wild fire, excessive heat and rain, drought among others, saying that except concrete actions are taken, climate change would continue to inflict the world with excruciating pain.

He explained that according to World Bank report, climate change is projected to lead to a 25 per cent decline in agricultural productivity by 2050 in Nigeria exacerbating food insecurity and poverty saying that this is why all hands must be on deck to tackle this challenge.

The VC noted that the need for climate finance has never been more pressing with the United Nations saying that the developing countries alone require $300 billion annually to meet their climate goals.

He stated further that Impact investing can however play a vital role in bridging this funding gap.

The VC said “Impact investments are investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return.

“In Nigeria, impact investing has gained traction in recent years. According to a report by the Nigerian Impact Investing Network, the country’s impact investing market grew by 22% between 2018 and 2020, with investments totaling $1.3 billion

“Public-private partnerships are essential for mobilizing climate finance. Governments can create an enabling environment for impact investing by providing policy support, tax incentives, and risk guarantees.

“Impact investors, on the other hand, can provide the necessary funding and expertise to drive climate resilience and sustainable development”.

Welcoming the participants earlier, the Dean, School of Management Sciences, Prof Samuel Dada said that the symposium was conceived last year to provide a platform where the gown and the town could interact and proffer ways out of the myriads of challenges confronting humanity.

Other speakers at the programme include, the Ogun State Commissioner for Budget and Planning, Olaolu Olabimtan, Dr Olufemi Ademola, Managing Director, AIICO Capital as well as Mrs Adaeze Ume, Unit Head, Consumer Propositions, Access Bank Plc.