Nigeria Needs $337 Billion for Climate Goals by 2035

Nigeria needs to mobilize an estimated $337 billion by 2035 to finance its climate and development priorities, as highlighted during the National Green Growth Dialogue held on September 11, 2023. This meeting, organized by the Nigerian Economic Summit Group in collaboration with the Federal Ministry of Budget and Economic Planning, included government officials, financiers, and private-sector representatives.

Adesola Olatunde, Chief Scientist at the National Council on Climate Change, emphasized that Nigeria's climate strategy should be viewed as an economic development issue. The updated Nationally Determined Contribution (NDC 3.0) aims for a 32% reduction in emissions by 2035, contributing to the goal of achieving net-zero emissions by 2060.

Temitope Akinyemi, Special Adviser to the Minister of Finance, noted the need for stronger structures to mobilize climate funding, referencing the Climate Change Fund. Challenges include a shortage of investment-ready projects, which could be addressed by aggregating smaller projects to attract investors, as stated by Imohe Omosede, Head of Climate Finance at the Development Bank of Nigeria.