Central Bank of Nigeria and IMF Collaborate to Address Climate Change Challenges

The Central Bank of Nigeria (CBN) has joined the International Monetary Fund (IMF) and other global institutions to spearhead efforts aimed at combating the escalating threat of climate change. In pursuit of this mission, the CBN is currently hosting the inaugural African Training Institute/International Monetary Fund (ATI/IMF) workshop on “Climate Change and Macro-Financial Policies.” The workshop has attracted 44 participants from six different countries.

Eva Jenkner, Director of the Second African Regional Technical Assistance Centre in West Africa (AFRITAC West 2), addressed the attendees during the event. She reminded the audience of the alarming report issued by the United Nations Framework Convention on Climate Change (UNFCCC) in May, which warned that global temperatures might exceed a critical threshold of 1.5 degrees Celsius by 2027.

Jenkner also harkened back to the Africa Climate Summit held in Nairobi, where regional leaders emphasized the urgent need for global climate action and the critical importance of unlocking financial resources for African nations. This imperative is particularly pressing in a context where fiscal capacities are constrained, and vulnerabilities to climate change continue to pose significant challenges.

“In most climate-vulnerable countries, the primary focus is on adaptation. We need to champion policy reforms that enhance long-term resilience to climate change,” Jenkner emphasized.

The workshop serves as a vital platform for collaboration and knowledge exchange among experts and policymakers, with the common goal of addressing climate change’s multifaceted challenges. Through initiatives like these, the CBN and IMF aim to contribute to the global effort to mitigate the impact of climate change while advancing macro-financial policies that promote sustainability.

The collaboration between these institutions highlights the growing recognition of climate change as a global issue that requires concerted efforts, and it reaffirms their commitment to working together to find innovative solutions.

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