President Bola Tinubu has unveiled a comprehensive climate investment strategy aimed at unlocking between $25 billion and $30 billion in annual climate financing for Nigeria. The announcement was made during his address at the Abu Dhabi Sustainability Week (ADSW) in the United Arab Emirates on Tuesday.
Presenting Nigeria’s Climate and Green Industrialisation Investment Playbook, Tinubu framed climate action as a pivotal development opportunity rather than a burden, emphasizing the country's commitment to moving "beyond ambition and towards delivery."
Integrating Climate Action with Economic Growth
The president outlined Nigeria’s approach to aligning climate initiatives with broader national goals, including energy access, job creation, industrial growth, and social inclusion. “The connections between climate and the global economy, health and energy systems, as well as food security must now shape the way we govern and cooperate,” Tinubu stated.
Key regulatory and policy steps highlighted by the president include:
* The adoption of the National Carbon Market Activation Policy (NCMAP).
* The launch of the National Carbon Registry to improve transparency and investor safeguards.
* The implementation of the Electricity Act 2023, which supports decentralized and renewable energy delivery to underserved communities.
Financing and Energy Transition Initiatives
Tinubu detailed several financial instruments and programs designed to drive Nigeria’s green transition:
* A $500 million Distributed Renewable Energy Fund launched by the Nigeria Sovereign Investment Authority.
* The DARES programme, a $750 million World Bank initiative to expand clean electricity access to over 17.5 million Nigerians.
* A Climate Investment Platform targeting $500 million for resilient infrastructure.
* A National Climate Change Fund with a capitalization goal of $2 billion.
He also noted the strong market reception to green bonds, citing the oversubscription of the 2025 ₦50 billion Sovereign Green Bond and the Lagos State Green Bond.
Focus on Minerals and Value Addition
Looking ahead, Tinubu emphasized Nigeria’s critical mineral resources—particularly lithium—as vital for the global clean energy transition. He invited international partnerships that prioritize local processing and value addition, rather than raw material extraction, to boost domestic job creation and industrial capacity.
Nigeria’s Energy Transition Plan (ETP) aims to achieve net-zero emissions by 2060 while integrating energy security, climate mitigation, and economic development. Pilot projects in electric mobility and national energy efficiency programs are already underway to reduce emissions and stimulate green industrialization.
The president concluded by reinforcing Nigeria’s readiness for climate-focused investment, stating, “Nigeria is ready for business. This has been demonstrated by the various reforms we have continued to pursue and in their tangible outcomes being reflected in the economy.”
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