Dr. Alake Calls for Global Support on Financing Gaps

Dr. Dele Alake, the Minister of Solid Minerals Development in Nigeria, urged for global support to tackle development financing gaps in Nigeria during a virtual meeting of the Green Guarantee Group (GGG) held on Tuesday.

He stressed the need for innovative funding mechanisms to reduce risks and encourage long-term investments in sectors such as renewable energy, agriculture, and infrastructure. Alake highlighted the importance of collaboration among governments, development institutions, private investors, and international partners to unlock investments and support small and medium-sized enterprises (SMEs) for sustainable economic growth.

He noted that Nigeria faces significant challenges in attracting capital due to market uncertainties and emphasized the necessity of guarantee instruments to enhance investor confidence. The GGG aims to establish a stronger global guarantee architecture to support sustainable investments, particularly in developing countries like Nigeria, which is Africa's largest economy.

The meeting also focused on practical solutions to improve the domestic guarantee system and enhance climate finance mechanisms.