Federal Gov’t Unveils $500m Climate Investment Platform, Targeting Sustainable Infrastructure, Economic Growth
The Nigerian government has launched the Nigerian Climate Investment Platform (NCIP), a pioneering initiative aimed at mobilizing up to $500 million in climate finance. This platform is designed to fund projects focused on climate resilience, sustainable infrastructure, and adaptation. It comes after a key meeting involving Nigeria’s Minister of Finance, Wale Edun, along with representatives from the Nigeria Sovereign Investment Authority (NSIA), the National Council on Climate Change (NCCC), and the Green Climate Fund (GCF) in Abuja.
Wale Edun emphasized the need to capitalize on climate finance to foster economic growth, improve export competitiveness, and support sectors like agriculture, infrastructure, and digital innovation. He highlighted that the global economic environment demands leveraging climate-related financial opportunities to boost national development. The minister expressed confidence that the platform could overcome any remaining accreditation hurdles and soon begin contributing to the country’s growth.
The NCIP’s development was a collaborative effort led by the NSIA, with active participation from GCF and local stakeholders. The aim is to create a platform that attracts both international and domestic investments. Aminu Umar-Sadiq, Managing Director of NSIA, confirmed that they had worked with local and global partners to establish a robust structure to pull in capital for Nigeria’s climate projects.
Soji Omisore of GCF also addressed the initiative, underscoring the absence of a standalone climate-focused project specifically targeting Nigeria and called for an aligned country platform. Meanwhile, Dr. Nkiruka Maduekwe of the NCCC stressed the need for greater access to international climate finance, urging various government entities to accelerate their accreditation process to unlock further funding.
The launch of NCIP is part of Nigeria’s broader strategy to enhance its role in sustainable finance and climate investment. By securing $500 million, the country aims to drive economic growth, develop infrastructure, and improve climate resilience. As global trade dynamics evolve and opportunities arise from the African Continental Free Trade Area (AfCFTA), the NCIP places Nigeria in a strong position to lead in the green economy, benefiting both the environment and the economy.
Source: Leadership