Nigeria has introduced a Climate and Green Industrialization Investment Playbook, aiming to secure $25-$30 billion annually in climate finance.
President Bola Tinubu announced this initiative at the Abu Dhabi Sustainability Week (ADSW) in the United Arab Emirates (UAE) on Tuesday, noting Nigeria’s commitment to turning climate ambitions into tangible actions.
“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 said, highlighting the need for integrated climate action.
Nigeria has taken regulatory strides, including the National Carbon Market Activation Policy (NCMAP) and the National Carbon Registry, enhancing emissions reporting and investor safeguards.
Tinubu cited the Electricity Act 2023, enabling decentralized energy delivery to rural areas and underserved populations.
The president also emphasized partnerships for deploying artificial intelligence (AI) to boost energy efficiency and promote technology transfer.
Persecondnews recalls that Nigeria’s Sovereign Investment Authority had launched a $500 million Distributed Renewable Energy Fund, while the World Bank’s $750 million DARES programme aims to expand clean electricity access to 17.5 million people.
Nigeria’s energy transition plan integrates energy access, climate mitigation, industrial growth, and social development, targeting net-zero emissions by 2060.
Tinubu invited partnerships to develop lithium reserves for battery production and energy storage, promoting local processing and value-addition.
“We are deepening access to green finance,” Tinubu said, highlighting the Climate Investment Platform’s $500 million target for climate-resilient infrastructure and the National Climate Change Fund’s $2 billion capitalization goal.
Nigeria’s green bond programme has attracted significant investor interest, with a N50 billion sovereign green bond oversubscribed by N91 billion.
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