FG unveils platform to raise $500m for climate finance

In a major push to unlock green finance and promote sustainable development, the Federal Government has unveiled the Nigerian Climate Investment Platform (NCIP), a country-led initiative designed to attract up to $500 million in climate finance for critical projects focused on infrastructure, resilience, and adaptation.

The platform was launched following a high-level meeting held on Tuesday in Abuja between the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and a delegation from the Nigeria Sovereign Investment Authority (NSIA), the National Council on Climate Change (NCCC), and the Green Climate Fund (GCF).

Speaking during the meeting, Mr. Edun expressed confidence in NSIA’s capacity to lead the initiative, noting its trustworthiness and proven track record. He underscored the urgency of leveraging climate finance to support Nigeria’s growth trajectory and boost its global competitiveness.

“If accreditation is the last hurdle, I’m confident they’re ready,” the Minister said. “The global economic environment demands that we leverage all opportunities—climate finance included—to drive growth, boost export competitiveness, and support sectors like agriculture, infrastructure, and digital innovation.”

The NCIP’s development represents a collaborative effort, with the NSIA working closely with both the GCF and domestic stakeholders to create a robust investment framework. According to NSIA Director-General, Mr. Aminu Umar-Sadiq, “The Honourable Minister’s challenge to conceptualize and implement a credible investment platform has catalyzed this effort. We’ve worked with the GCF and local stakeholders to develop a structure that can attract both international and domestic capital.”

GCF representative Mr. Soji Omisore acknowledged the gap in Nigeria-focused climate investment, stating, “We currently have no standalone project focused solely on Nigeria. That needs to change. We are here to co-create a country platform that aligns with Nigeria’s climate strategy.”

Also speaking, Director-General of the NCCC, Dr. Nkiruka Maduekwe, emphasized the need to increase Nigeria’s access to international climate finance, lamenting that several smaller countries have already secured multiple accredited entities.

“That needs to change,” she said. “We are pushing for the NSIA, NIRSAL, and even the Ministry of Finance to pursue accreditation.”

The NCIP forms a critical part of Nigeria’s broader strategy to unlock climate-linked capital and elevate the country’s position as a regional leader in sustainable finance. This initiative gains even more significance in light of shifting global trade dynamics and the new opportunities emerging from the African Continental Free Trade Area (AfCFTA).

With the launch of the NCIP, Nigeria is poised to make significant strides toward building a more climate-resilient and sustainable future. By mobilizing $500 million in climate finance, the country aims to stimulate growth, strengthen key economic sectors, and establish itself as a hub in the green economy.

The success of the platform will rely on sustained collaboration among stakeholders, but the expected economic and environmental dividends underscore the importance of this ambitious initiative.