Nigeria: Nigeria Requires $337bn to Actualise Climate Finance Target

What the report says

Nigeria’s National Council on Climate Change says the country will need to raise an estimated $337 billion from private and other sources by 2035 to support its climate and development priorities. The figure was presented at a Nigerian Economic Summit Group green growth dialogue in Abuja, a pre-summit meeting held with the Federal Ministry of Budget and Economic Planning. Stakeholders at the event urged a quicker shift from policy pledges to real investment in green projects.

According to the report published by Daily Trust and distributed by AllAfrica, NCCC representative Adesola Olatunde said Nigeria’s updated climate plan, known as NDC 3.0, aims for a 32 per cent emissions cut by 2035 and a net-zero path by 2060. She argued that climate action should be tied to economic gains such as jobs and productivity, rather than treated as a separate policy track.

Other speakers pointed to financing and implementation gaps. Climate finance adviser Temitope Akinyemi said the Climate Change Fund still faces structural limitations, while Development Bank of Nigeria official Imohe Omosede said smaller projects may need to be bundled to attract larger investors, especially for MSMEs. President’s aide Ibrahim Shelleng said only a few states can currently access significant climate finance, underscoring the need for stronger federal and state coordination.

The dialogue is part of preparations for the 32nd Nigerian Economic Summit, scheduled for late October in Abuja. The discussion reflects a broader challenge in Nigeria and across Africa: turning climate commitments into bankable projects that can support both emissions reduction and economic growth.