Nigeria has launched a national Biodiversity Finance Initiative (BIOFIN) to mobilize private-sector investments for nature conservation and close the funding gap threatening ecosystems and livelihoods nationwide. Unveiled at the weekend in Abuja, the initiative is part of the global BIOFIN framework, supported by the United Nations Development Programme, designed to help countries develop sustainable financing strategies for biodiversity.
The framework is expected to strengthen Nigeria’s contribution to global efforts to halt nature loss, estimated to cost more than $500 billion annually. Officials said the initiative offers tools to turn policy commitments into actionable results, complementing the National Biodiversity Strategies and Action Plan by providing financing mechanisms for conservation projects.
Forests and biodiversity, vital for climate regulation, water security, food, medicine, and rural economies, are under increasing pressure from unsustainable exploitation, land-use changes, and climate variability. BIOFIN seeks to integrate biodiversity finance into national development planning through increased budget allocations, partnerships with development organizations, and efforts to mainstream nature across agriculture, energy, infrastructure, and community programs.
Private-sector involvement is central to the initiative. Businesses rely heavily on natural resources, making their engagement critical to ensuring the continuity of operations and the health of ecosystems. The Business Advisory Group will collaborate to develop a Business Action Plan for Biodiversity, enabling companies to actively implement the National Biodiversity Strategies rather than remain passive.
Market-based solutions and private capital will be key to achieving a nature-positive economy, experts said. By reflecting biodiversity in environmental, social, and governance priorities, governments and businesses can jointly address biodiversity loss while creating sustainable revenue streams. Africa holds 25 percent of the world’s biodiversity, and Nigeria, as one of the continent’s largest economies, plays a pivotal role in protecting these resources.
BIOFIN is expected to increase public and private investments in conservation while strengthening mechanisms for natural capital accounting. Stakeholders emphasized that embedding biodiversity into economic planning and corporate strategy is crucial. Companies are encouraged to measure how their operations affect and depend on natural resources, including water, land, and raw materials, to build sustainability into value chains and reduce long-term risk.
With BIOFIN, Nigeria aims to position biodiversity at the center of its economic agenda, signaling a shift toward a future where protecting nature is not only an environmental responsibility but a foundation for sustainable growth.
