Nigeria has introduced a national Biodiversity Finance Initiative (BIOFIN) to tap private-sector funding for environmental conservation and address the widening financial gap threatening ecosystems and livelihoods across the country. Launched over the weekend in Abuja, the initiative forms part of the global BIOFIN programme backed by the United Nations Development Programme, which helps nations design sustainable financing solutions for biodiversity protection.
The initiative is expected to bolster Nigeria’s role in worldwide efforts to curb nature loss, which is valued at more than $500 billion annually. Government officials noted that BIOFIN will provide tools that translate policy commitments into tangible action, complementing the National Biodiversity Strategies and Action Plan by creating funding pathways for conservation-focused interventions.
Nigeria’s forests and biodiversity—crucial for climate stability, water availability, food systems, traditional medicine, and community livelihoods—face increasing threats from unsustainable resource use, land transformation, and climate-related pressures. BIOFIN aims to embed biodiversity financing within national development plans by expanding budget allocations, enhancing collaboration with development partners, and integrating nature considerations across sectors such as agriculture, energy, infrastructure, and community-based initiatives.
The private sector is a central component of this approach. Since industries depend heavily on natural assets, their participation is essential to safeguard ecosystem services and secure long-term operational resilience. To this end, the Business Advisory Group will work toward producing a Business Action Plan for Biodiversity, encouraging companies to actively support and implement the National Biodiversity Strategies rather than take a passive stance.
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Experts highlighted that market-driven tools and private investment will be critical to building a nature-positive economy. By embedding biodiversity into environmental, social, and governance (ESG) frameworks, governments and corporations can jointly tackle nature degradation while creating sustainable value. With Africa holding 25 percent of the world’s biodiversity, and Nigeria being one of its largest economies, the country has a significant responsibility in preserving these natural assets.
BIOFIN is expected to boost both public and private conservation financing while improving systems for natural capital accounting. Stakeholders stressed that integrating biodiversity into economic decision-making and corporate governance is essential. Businesses are urged to assess how their activities depend on and affect natural resources such as land, water, and raw materials, in order to improve resilience, reduce long-term risks, and build sustainability into their supply chains.
Through BIOFIN, Nigeria aims to elevate biodiversity to a central position in its economic planning, marking a major shift toward a future where protecting nature becomes a key pillar of national development and long-term prosperity.
