Nigeria stands at the forefront of climate action in Africa, recognizing the urgent need to address the impacts of climate change while driving sustainable economic growth in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda. Climate finance plays a crucial role in this transition by mobilizing funding from public and private sources to support low-carbon development, enhance climate resilience, and meet Nigeria’s Nationally Determined Contributions (NDCs) under the Paris Agreement.

Nigeria faces a significant climate finance gap of approximately $20 billion annually to meet its Nationally Determined Contributions (NDC) targets under the Paris Agreement and requires around $1.9 trillion to achieve complete transition to net zero by 2060.

Despite financial challenges, Nigeria has made significant progress through innovative mechanisms such as green bonds, and is looking to expand to carbon credits, and emerging blue bonds focused on ocean and coastal ecosystem protection.

To scale up climate finance, Nigeria is focusing on improving the policy environment, attracting private sector investment, and leveraging international climate funds. Strategic partnerships with multilateral institutions, development banks, and global climate funds are critical in closing the climate finance gap and positioning Nigeria as a leader in sustainable development across Africa.