The Federal Government has launched the Biodiversity Finance Initiative (BIOFIN), a strategic programme designed to close the financial gap in biodiversity conservation and strengthen the nation’s environmental protection framework.
Speaking at the launch in Abuja, the Director of Forestry at the Ministry of Environment, Mrs. Halima Bawa-Bwari, described BIOFIN as a major step toward safeguarding forests, ecosystems, and the biodiversity that supports livelihoods nationwide. She said the initiative will promote sustainable forestry practices that balance ecological integrity with economic growth while empowering local communities as custodians of natural resources.
“The urgency to act has never been greater,” she said. “The National Biodiversity Strategy and Action Plan (NBSAP) provides us with a roadmap to conserve, sustainably use, and equitably share the benefits of biodiversity. BIOFIN complements this vision by mobilising innovative financing solutions, ensuring our commitments are not only aspirational but achievable.”
Bawa-Bwari noted that Nigeria has continued to demonstrate commitment to biodiversity protection through increased budgetary allocations, partnerships with development organisations, sector-wide mainstreaming of environmental considerations, and community-driven conservation initiatives.
She called on all stakeholders to collaborate, stressing the need for “innovative thinking, collaborative action, and unwavering dedication to safeguarding forests and biodiversity for generations to come.”
Representatives from partner organisations emphasised the importance of private sector participation. A spokesperson for the Capitals Coalition highlighted the growing interest of Nigerian businesses in sustainability, though many are yet to understand how their efforts align with national biodiversity and climate goals.
“In 2022, 196 countries made a historic commitment through the Global Biodiversity Framework to halt and reverse nature loss by 2030,” she said, noting that government alone cannot deliver on this target. She added that the partnership will convene leading companies and policymakers through a Business Advisory Group to advance nature-positive actions.
Also speaking, a representative of Natural Eco Capital, Rantiola Babatimehin, reaffirmed the organisation’s commitment to helping institutions build resilient and eco-conscious systems through collaborations on natural capital, climate change, sustainable finance, and the circular economy.
Director-General of the Nigerian Conservation Foundation, Dr. Joseph Onoja, stressed that biodiversity conservation is a collective responsibility. “Every organisation and every individual involved in business should play a role in safeguarding biodiversity,” he said. “The Business Advisory Group will help us develop a Business Action Plan for Biodiversity and identify practical steps for conservation.”
The Ministry’s Biodiversity Desk Officer, Mrs. Sikeade Egbuwalo, said BIOFIN and the NBSAP can be sustainably financed by attracting more public and private investments, unlocking new revenue streams, and aligning economic incentives with environmental protection.
