Nigeria Loses $500bn Annually to Biodiversity Decline – Officials

Nigeria is reportedly losing an estimated $500 billion every year due to rapid biodiversity degradation, a trend environmental experts say threatens the economy, ecosystems, and national sustainability if urgent action is not taken.

Government officials and environmental stakeholders have therefore called for stronger private-sector involvement in biodiversity financing to reduce long-term economic risks.

Speaking on behalf of the Director of Forestry, Federal Ministry of Environment, Halima Bawa-Bwari, Deputy Director Aiwuyo Christopher described Nigeria’s biodiversity loss as part of a worsening global challenge. He revealed that only $120 billion is available worldwide for biodiversity funding, leaving a financing gap of $380 billion annually.

Bawa-Bwari noted that Nigeria could close part of this deficit through mechanisms such as the Biodiversity Finance Initiative (BIOFIN), which seeks to mobilise investments from both government and the private sector while opening new revenue channels for conservation-based development.

She described the launch of the Biodiversity Finance and Economic Resource Mechanism (BIOFERM) as a major step towards protecting forest ecosystems and the biodiversity they support.

> “For any nation to advance, deliberate efforts must be made to secure the future of our forests and preserve the resources sustaining life and livelihoods,” she stated.



She added that Nigeria remains committed to a nature-positive future, backed by collaboration between government institutions, civil society, and private investors.

Christopher stressed that forests extend beyond timber production by regulating climate, protecting watersheds, providing medicine and food, and supporting millions of rural livelihoods.


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Private Sector Urged to See Nature as Economic Capital

Chief Executive Officer of Natural Eco Capital, Dr. Eugene Itua, said biodiversity should be viewed as an economic resource, not charity. He explained that investing in nature could stimulate innovation, business growth, and national development.

Itua announced that the Biodiversity Finance and Business Advisory Group would help drive investment, adding that businesses must adopt biodiversity targets to remain sustainable.

> “Nature is one of our most valuable assets and must be protected as smart economics, not philanthropy,” she noted.
“Linking biodiversity goals with business strategies will help companies understand their dependence and impact on nature, while creating mutual value.”


Also speaking, Oluwasooto Ajayi, Africa Lead at Business for Nature, warned that ecosystems are under unprecedented stress from land-use change, climate impacts, and unsustainable exploitation, stressing that “the urgency to act has never been greater.”

Conservation Foundation Backs Initiative

Director-General of the Nigerian Conservation Foundation (NCF), Dr. Joseph Onoja, said BIOFERM aligns with Nigeria’s commitments under the UN Convention on Biological Diversity. He noted that the initiative creates an opportunity to engage private investors in ecosystem restoration, green job creation, and protection of natural heritage.

He emphasized that businesses rely heavily on natural resources and must therefore take ownership of conservation:

> “Raw materials come from nature. If industries expect to survive, biodiversity conservation must be everybody’s business.”

Onoja added that the partnership will strengthen the implementation of Nigeria’s National Biodiversity Strategy and Action Plan (NBSAP) and encourage nature-friendly business practices linked to long-term economic growth.