A new report by the Lagos State Ministry of Planning and Budget titled โThe Lagos Economic Development Update (LEDU) 2025โ has warned that climate change poses a severe threat to the stateโs economy, infrastructure, and food security.
The report found that this could result in losses of up to $29 billion if urgent action is not taken. The report, among other things, highlights how flooding and poor urban planning are exacerbating these challenges, disrupting key sectors such as transportation, agriculture, and public health.
โThe financial cost of climate inaction in Lagos is estimated at $22โ29 billion. This figure underscores the urgency of addressing climate vulnerabilities to prevent deeper socio-economic inequalities, reduced investor confidence, and long-term damage to key economic sectors.
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โWith its unique geographical location as a coastal megacity and its socio-economic significance, the state faces multidimensional risks that threaten its infrastructure, livelihoods, and overall economic stability,โ the report states.
Recurrent flooding is damaging roads, bridges, and transit systems, disrupting the movement of goods and services. The report warns that this will โescalate transportation costs and reduce economic efficiency.โ
The stateโs critical economic activitiesโincluding ports, industrial zones, and residential areasโare concentrated in flood-prone zones, making them highly susceptible to extreme weather events. Additionally, rapid urbanization and an overstretched drainage system have worsened the frequency and severity of urban flooding.
โThe lack of adequate drainage systems and the overburdening of existing infrastructure increase the frequency and severity of urban flooding,โ.
The report warns that changing rainfall patterns are reducing agricultural yields, threatening food security, and leading to price volatility.
โClimate change disrupts rainfall patterns, reduces agricultural yields, and threatens food security,โ it states.
Story was adapted from the Guardian.
