Nigeria Intensifies Push for Climate Finance to Drive Green Infrastructure and Development
Nigeria is embarking on an ambitious initiative to leverage international climate funds for expanding infrastructure, promoting green energy, and creating jobs across the country. The strategy marks a significant shift in the nation’s approach to development financing.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, unveiled these plans during the opening session of the 31st Nigerian Economic Summit on Monday. He announced that the government has initiated discussions with major financial institutions, including the World Bank, International Monetary Fund (IMF), African Development Bank (AfDB), and the G20, to support this endeavor.
Following Nigeria’s participation in COP28, the Ministry of Finance established a Green Growth Office and Facility to better align with global development financing trends. “That’s where the money is, and that’s where we, too, must focus our efforts,” Edun explained during the launch of “Guide to Accessing Climate Finance.”
The nation is preparing to take a strong stance at the upcoming COP30 summit in Brazil, advocating for increased access to climate financing. To overcome previous challenges, the government is actively assisting ministries and state agencies in developing robust investment proposals to secure available funding.
Edun highlighted the global context, noting that achieving the Sustainable Development Goals (SDGs) requires $5 trillion annually until 2030, even as developing nations face declining financial support. He illustrated the immediate impact of climate change in Nigeria, citing specific examples: “In Makurdi, rising waters have displaced families. In Sokoto, dry soil tests the resilience of our farmers. In Lagos and other cities, floods turn our roads into rivers.”
The minister emphasized that these environmental challenges present opportunities for transformation, stating, “We can build infrastructure with foresight, diversify our energy systems through innovation, and create an economy that protects our people.”
Nigeria has already taken concrete steps by incorporating climate goals into public finance management through green budgeting and establishing systems to monitor climate finance flows. The country has also demonstrated leadership by issuing green bonds to fund renewable energy and climate projects, while developing credit guarantees and risk-sharing facilities to attract private investment.
These initiatives signal Nigeria’s commitment to embracing sustainable development while addressing pressing environmental challenges through innovative financing solutions.
