Nigeria unveils biodiversity finance plan to attract private investment, address $500bn nature-loss challenge

Nigeria has launched a national Biodiversity Finance Initiative (BIOFIN) to unlock private-sector financing for nature conservation and close the funding gap threatening ecosystems and livelihoods across the country.

The plan, unveiled at the weekend in Abuja, is part of the global Biodiversity Finance Initiative (BIOFIN), supported by the United Nations Development Programme (UNDP) to help countries develop sustainable financing strategies for nature.

Nigeria’s adoption of the framework is expected to strengthen its contribution to global efforts to address nature loss, estimated at more than $500 billion annually.

Halima Bawa-Bwari, director of forestry at the Federal Ministry of Environment, said the framework marks an important step toward securing Nigeria’s forests and biodiversity.

Represented by Awuyo Christopher, deputy director of forestry, she noted that forests play key roles in climate regulation, food and medicine supply, water security, and rural economies.

Read also: COP30: UN climate report spurs call for Africa to scale up green investment

“Forests are more than trees; they are living systems under pressure from unsustainable exploitation, land-use change, and climate variability. The urgency to act has never been greater,” she said.

Bawa-Bwari explained that while the National Biodiversity Strategies and Action Plan (NBSAP) provides a roadmap for conservation and sustainable use, BIOFIN complements it by offering financing tools that can turn policy commitments into tangible results. Through BIOFIN, Nigeria aims to close its conservation finance gap, strengthen partnerships, and support communities as custodians of biodiversity.

She added that Nigeria has begun integrating biodiversity finance into national development planning through increased budget allocations, new partnerships with development organizations, and efforts to mainstream nature into agriculture, energy, infrastructure, and community programs.

“This initiative is about changing how we value nature. Investing in biodiversity is investing in our prosperity, resilience, and future,” she said.

Joseph Onoja, Director General of the Nigerian Conservation Foundation (NCF), in partnership with Natural Eco Capital and the global coalition Business for Nature, is working to accelerate private-sector involvement in implementing Nigeria’s biodiversity commitments.

Onoja said the initiative became necessary after Nigeria signed the Global Biodiversity Framework of the UN Convention on Biological Diversity. He explained that the framework requires an all-of-society and all-of-government approach, but the private sector has long remained under-engaged in national conservation efforts.

According to him, businesses depend heavily on natural resources and must play a deliberate role in protecting the ecosystems that sustain their operations.

“Raw materials are taken from nature, so businesses must have an interest in ensuring the continuity of their operations. Whatever they do should not harm nature. Conservation of biodiversity is everyone’s responsibility,” he said.

Onoja noted that the Business Advisory Group will collaborate to develop a Business Action Plan for Biodiversity, enabling companies to actively shape and implement the National Biodiversity Strategies and Action Plans rather than remain passive.

Highlighting the role of market-based solutions, Oluwasooto Ajayi, Africa Lead at Business for Nature, said the shift to a nature-positive economy cannot happen without private capital.

“Our mission is to accelerate the transition to a nature-positive economy. Nature must be reflected in ESG priorities so governments and businesses can jointly address biodiversity loss,” she said.

Ajayi said Nigeria is pivotal to global biodiversity, with Africa holding 25% of the world’s biodiversity and Nigeria ranking among the continent’s influential countries.

“Our support is meant to catalyze more action. We want an economy that recognizes biodiversity as its foundation. This project will show what is possible when businesses get fully involved in implementing biodiversity targets,” she explained.

She added that the BIOFIN launch begins a multi-month engagement process aimed at aligning economic incentives with biodiversity goals.

Sikeade Egbuwalo, biodiversity desk officer at the Ministry of Environment, said BIOFIN is expected to increase public and private investments while creating additional revenue streams for conservation. Eugene Itua, sustainability expert at Natural Eco Capital, noted that funding remains the main barrier to biodiversity protection in Nigeria.

He called for stronger investment mechanisms to support natural capital accounting and bring private-sector actors into conservation financing.

Stakeholders agreed that Nigeria’s next step in environmental governance lies in placing biodiversity at the center of economic planning, similar to the attention climate change receives in policy and corporate strategy.

They stressed that companies must begin measuring how their operations affect and depend on nature through raw materials, water use, or land footprint to build sustainability into value chains and reduce long-term risk.

Join BusinessDay whatsapp Channel, to stay up to date