Stakeholders Brainstorm On Raising Climate Finance For Agriculture Development

ABUJA – Stakeholders drawn from West and Central Africa regions have converged in Abuja to brainstorm on climate finance and support mechanisms for the development of a resilient and smart agricultural sector.

Speaking at the opening of the regional workshop, Dr. Oluyede Ayayi, Lead Specialist, Agriculture and Climate Change Technical Centre for Agriculture and Rural Cooperation (CTA) noted that climate change puts additional pressure to agriculture if not properly managed and addressed.

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Ayayi pointed out that the recent impact assessment indicated that by 2030, nine out of the 10 major crops in the world would experience reduced or stagnated growth rates, leading to dramatic increases in average prices, due to climate change.

He observed that investment in climate-smart agricultural practices would drive agricultural transformation in the desired path, adding that less than 10 per cent of global climate finance goes to agriculture sector, and even much less to smallholder farmers.

He explained that the two-day regional workshop would bring to the fore key issues emanating from the country reports to encourage cross-country and regional learning on climate finance for agriculture, identify models for blended finance and co-investment from the private sector to support climate actions in agriculture.

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Also speaking, Mr. Laoye Jaiyeola, the Chief Executive Officer of the Nigerian Economic Summit Group (NESG) said the world is faced with the challenge of climate change.

He noted that Nigeria together with other countries signed Paris Accord to reduce carbon emission, adding that there was the need to raise finance that would appropriately use to reduce carbon emission and develop smart agriculture.

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He underscored the need to reduce carbon emission, save the environment and develop resilient agriculture.

Jaiyeola stressed the need for awareness creation on how to raise climate finance, adding that more often than not, the knowledge of accessing such funds is very weak.

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