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Nigeria risks losing $34bn in annual export earnings – Report

A new study by Standard Chartered has said Nigeria risks losing $34.3bn in annual export earnings if it does not cut carbon emissions in line with the net-zero plans of the biggest multinational companies operating in the country.

The study, titled ‘Carbon Dated’, was done by surveying 400 sustainability and supply chain experts at multinational companies across the globe.

It assessed risks and opportunities for suppliers in emerging and fast-growing markets as large companies transition to net zero.

According to the survey, if Nigeria fails to transition alongside its MNC partners, it risks a loss in export revenues of up to $34.3bn.

Other countries on the list were China, with the biggest potential loss of $512.3bn; India ($273.7bn) and Hong Kong ($205.5bn).

South Africa is the second highest African country after Nigeria with $33.7bn of exports at risk. Kenya is the third African nation on the list with $3.9bn in potential export loss.

The study also said the current approach taken by MNCs could create a $1.6tn opportunity for the net-zero club, which are the businesses reducing emissions in line with MNC net-zero plans.

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