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Risk Management and the Challenges of Climate Change

Journal: International Journal of Advanced Finance and Accounting (Vol.1, No. 1)

Publication Date:

Authors : ;

Page : 27-35

Keywords : ;

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Abstract

Nigeria is plagued with many ecological problems of varying magnitude. The inhabitants of the northern part of the country battle with the menace of desertification, deforestation, and drought while the inhabitants of the southern part of the country are being ravaged by flood and gully erosion. The change in the world's climate is a continuous one that occurs at an unprecedented rate in recent human history. The risks associated with these changes are real but highly uncertain. Societies that are vulnerable to risks associated with climate change suffer social and economic challenges, most especially when the resources that anchor the existence of the society are sensitive to climate change. The aim of this paper is to unravel the risk management and challenges of climate change in Nigeria. It reviews the incidence of climatic change in Nigeria, the vulnerability of Nigeria as a nation to climate change, and the consequences of climate change in Nigeria. The discovery showcased the human activities which triggered climatic change such as; industrial releases, deforestation, improper sewage disposals. On the same vein, the disasters brought about by climatic change include; flooding, drought, erosion. Furthermore, government/agencies in charge put in little or no effort in reducing the risk associated with climate change in Nigeria. The study concluded that bush burning, overgrazing, gas flaring, CO2 are responsible for Nigeria climate change while creation of environmental/climate refugees, threats to the future of children, reduction in economic growth, increase in diseases, immediate setback on agriculture, loss of biodiversity are some of the challenges as a result of a change in the climate. Notwithstanding, afforestation programme, good policies, development of biotechnology, integrated climate risk management, and carbon-mop -up technology can salvage climatic change associated risks in Nigeria by the Nigerian Government.

Last modified: 2020-12-23 17:13:44