Nigeria's PICTT Targets $30 Billion for Farmers' Climate Finance

Nigeria is working to create an operational framework that will enable smallholder farmers to access climate finance, targeting an annual investment of up to $30 billion. This initiative was discussed at the Taxonomy Validation Workshop on Adaptation and Resilience Solutions, organized by the Presidential Implementation Committee on Transfer (PICTT) in partnership with YAPU Solutions.

Dr Dahiru Muhammed, PICTT Chairman, indicated that the Federal Ministry of Finance and the United Nations Development Programme (UNDP) are developing a national taxonomy to define qualifying activities for climate finance. Dr Charles Nyangbe, WorldFish Country Representative, noted that Nigeria has attracted about $2.5 billion in climate-related funding, which is insufficient.

He emphasized the need for tailored financing tools for different regions facing distinct climate challenges. Christoph Junghleisch, Managing Director of YAPU Solutions, mentioned that climate adaptation could represent a $30 billion investment opportunity for smallholder farmers, with initial pilot projects valued between $100 million and $200 million.