Agricultural finance as climate finance: investing in West Africa's food security and resilience
via Punch Nigeria11 min read
As the world observes World Environment Day, a critical discussion for Nigeria and West Africa centers on financing agriculture to address climate change. Historically, African farmers relied on natural signs to guide their planting, but these signals have become unreliable due to changing weather patterns. The desert is expanding, Lake Chad is shrinking, and unpredictable rains cause severe flooding, impacting livelihoods. These are not isolated incidents but local manifestations of a global climate phenomenon, primarily affecting those who produce food. The article argues that agricultural finance is climate finance, emphasizing that direct investment in the land and the people who work it is the most impactful climate action for the region's financial sector. Despite agriculture being the foundation of the economy and employing the most people, it receives a disproportionately small share of bank lending due to perceived risks. However, advancements in financial tools, such as cash-flow facilities, value-chain models, warehouse-receipt systems, and weather-index insurance, are making the sector more bankable and resilient. These instruments, which promote irrigation, drought-tolerant seeds, and better storage, are crucial for farmers to adapt to a harsher climate. The author, Mannir U. Ringim, Executive Director, Business Banking at Union Bank of Nigeria, stresses that managing these risks requires collaboration among governments, development finance institutions, insurers
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
Must ReadColombian pop superstar Shakira and Nigerian Afrobeats star Burna Boy will perform the official song of the 2026 FIFA World Cup, "Dai Dai," at the tournament's opening ceremony in Mexico City on June 11. They will take the stage at Estadio Azteca before the opening match between Mexico and South Africa. FIFA stated that "Dai Dai" is a celebration of football's power to unite people and that Shakira and Burna Boy bring together two of the world's most influential musical voices. Colombian reggaeton star J Balvin and South African singer-songwriter Tyla are also scheduled to perform during the Mexico City show. Other opening ceremonies are planned, with Michael Bublé and Alanis Morissette performing in Canada on June 12, and Katy Perry and Future performing in the United States. Shakira is also scheduled to co-headline the tournament's first Super Bowl-style halftime show at the World Cup final on July 19 alongside Madonna and K-pop group BTS.
Must ReadRescue operations for abducted pupils and teachers in Oyo and Borno states are being hampered by difficult terrain, fears of casualties, and demands from abductors for the release of detained terrorist commanders. The Federal Government is reportedly unwilling to meet these demands despite public pressure. In other news, the Independent National Commission has declared primary elections conducted by political parties after May 30 invalid, a decision that could impact the 2027 general election. The Nigeria Democratic Congress, however, has defended its primaries against allegations of irregularities. Additionally, Federal Government debt repayments exceeded the 2025 amended budget allocation by N1.90 trillion in the first nine months of the year. In Abuja, gunmen killed a vigilante and abducted four residents. Nollywood actor and politician Emeka Ike expressed feeling unsafe after his personal data was exposed at the Independent National Electoral Commission.
Must ReadAgbaibor, a month-old orphaned forest elephant, was rescued after being found near a palm oil plantation bordering Okomu National Park in Edo State, Nigeria. Forest elephants are critically endangered, with only an estimated 200 remaining in Nigeria, about 40 of which are in Okomu. Park authorities and the African Nature Investors ANI conservation group are caring for Agbaibor, a costly operation that involves specialists from Zambia and a monthly expenditure of four to five million naira approximately $3,600 on milk powder, oats, and supplements. The rehabilitation process is expected to take three to five more years, with plans to build a new enclosure deeper inside the park to gradually reintroduce him to wild herds. Okomu National Park, a vital rainforest ecosystem, faces increasing pressure from logging, poaching, farming, and expanding human settlements, which fragment the reserve and increase human-wildlife contact. Conservation groups emphasize engaging local communities, as economic hardship often drives people into protected forests. Former illegal logger Godstime Christopher, now an ANI ranger, uses camera traps to monitor elephants and identify poachers, stating that the training changed his mentality. Caretakers like Joshua Aribasoye are dedicated to Agbaibor's well-being, viewing their role as crucial for preserving Nigeria's remaining wildlife.
A recent survey by Nigeria's Federal Ministry of Communication, Innovation and Digital Economy indicates that over four in five Nigerians support some form of social media regulation for children. The results of the 2024 poll, titled “Proposed Social Media Age Regulation in Nigeria,” were released by Minister of Communications, Innovation and Digital Economy Bosun Tijani at a roundtable in Lagos. The survey, which gathered views from 585 Nigerians, found that 83.4% of respondents supported regulating children's social media use, with 64.8% advocating for outright regulation and 18.6% preferring a different minimum age. A significant 64.5% favored a minimum social media age of 16 or 17 years, higher than the global standard of 13. The survey also highlighted widespread concern, with 93.5% of respondents expressing great or extreme worry about children's safety on social media platforms. The most prevalent online risks identified were exposure to harmful content 90.9%, digital addiction 83.6%, and online grooming 82.4%. Furthermore, 97.6% supported a duty-of-care framework for platforms. Minister Tijani emphasized the need for effective age restrictions and coordinated efforts from government, parents, and digital platforms to protect children online. The Nigeria Data Protection Commission's National Commissioner, Dr. Vincent Olatunji, also stressed the importance of balancing internet access for education with safeguards against cyberbullying, harmful content, and mental healt