Nigeria Needs $337 Billion for Climate Finance by 2035

Nigeria requires an estimated $337 billion from private and other sources by 2035 to fund its climate and development priorities, as stated by the National Council on Climate Change (NCCC) during the Nigerian Economic Summit Group’s (NESG) National Green Growth Dialogue in Abuja. Chief Scientist Adesola Olatunde, representing the NCCC Director-General, mentioned that Nigeria's updated Nationally Determined Contribution (NDC 3.0) aims for a 32 percent reduction in emissions by 2035 and a net-zero pathway by 2060.

Temitope Akinyemi, Special Adviser to the Minister of Finance on Climate Finance, pointed out structural gaps in the Climate Change Fund, which is under the Climate Change Act. Imohe Omosede, Head of Climate Finance at the Development Bank of Nigeria, emphasized the need to aggregate smaller projects to attract investment, particularly for micro, small, and medium enterprises.

Ibrahim Shelleng, Senior Special Assistant to the President on Climate Finance, noted that only a few states can access significant climate finance. The dialogue was part of the lead-up to the 32nd Nigerian Economic Summit scheduled for October 26–27 in Abuja.