Nigeria's Reps Support Establishment of Green Climate Bank

The Nigerian House of Representatives has expressed support for the establishment of a Green Climate Bank, as proposed by Hon. Afam Ogen, Chairman of the House Committee. This initiative aims to mobilize private capital for renewable energy and climate-aligned sectors.

Dr. Oluwafemi Adedip emphasized the bank's critical role in supporting Nigeria's transition to a sustainable economy, noting that the country has significant climate investment opportunities projected to reach $104 billion by 2030. However, he stressed that these opportunities will not guarantee progress without adequate financing.

The proposal includes a plan to raise $100 million to commence operations in 2026, with the intention of attracting private capital to deliver measurable environmental and social impacts. Dr. Samuel Ndubuisi Brown encouraged investors to recognize the advantages of this initiative, highlighting the potential for first-mover advantages in rapidly expanding markets, which will contribute to building resilience in Africa's largest economy.