Nigeria to secure $30 billion annually in climate change funding, President Tinubu says

Nigeria is set to secure between $25 billion and $30 billion annually for climate change initiatives, according to President Bola Tinubu. He announced the country’s Climate and Green Industrialisation Investment Playbook during his address at Abu Dhabi Sustainability Week (ADSW) in the UAE. The plan reflects Nigeria’s commitment to transform climate ambitions into tangible actions, integrating climate objectives with energy access, economic advancement, employment opportunities, and social inclusion.

Tinubu emphasized that climate action should be perceived as a chance for development rather than a hindrance, stating, “The intersections between climate and the global economy, health, energy systems, and food security must now influence our governance and collaboration.” He affirmed Nigeria’s alignment with the global community in progressing from aspirations to implementation.

He highlighted Nigeria’s enhanced climate governance through regulations such as the National Carbon Market Activation Policy and the National Carbon Registry, which aim to boost transparency and attract investors. The president mentioned the Electricity Act of 2023, designed to facilitate decentralized energy delivery in rural and underprivileged areas.

Tinubu also revealed that Nigeria is forming partnerships to utilize artificial intelligence to enhance energy efficiency and innovation. The Nigeria Sovereign Investment Authority has initiated a $500 million Distributed Renewable Energy Fund, and the World Bank’s $750 million DARES program aims to extend clean electricity access to over 17.5 million individuals.

Additionally, he noted Nigeria is increasing access to green finance with endeavors like a $500 million Climate Investment Platform and a National Climate Change Fund targeting $2 billion, as well as the successful oversubscription of the 2025 Sovereign Green Bond and Lagos State Green Bond, indicating strong investor confidence.