Oritsegbubemi Omatseyin
Lagos — In a significant stride towards unlocking green finance and driving sustainable economic growth, the Federal Government has unveiled the Nigerian Climate Investment Platform, NCIP, a country-led initiative designed to mobilize up to $500 million in climate finance for infrastructure, resilience, and adaptation projects.
The NCIP is the result of a high-level meeting between the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and a high-level delegation from the Nigeria Sovereign Investment Authority, NSIA, the National Council on Climate Change, NCCC, and the Green Climate Fund, GCF, held in Abuja.
Edun stated that NSIA has the trust and track record to lead this, emphasizing the importance of leveraging climate finance opportunities to drive growth, boost export competitiveness, and support key sectors like agriculture, infrastructure, and digital innovation.
“If accreditation is the last hurdle, I’m confident they’re ready. The global economic environment demands that we leverage all opportunities, climate finance included, to drive growth, boost export competitiveness, and support sectors like agriculture, infrastructure, and digital innovation,” Edun said.
The platform’s development has been a collaborative effort, with the NSIA working closely with the GCF and local stakeholders to create a structure that can attract both international and domestic capital.
Mr. Aminu Umar-Sadiq, Director-General of the NSIA, noted: “The Minister’s challenge to conceptualize and implement a credible investment platform has catalyzed this effort. We’ve worked with the GCF and local stakeholders to develop a structure that can attract both international and domestic capital.”
Speaking on behalf of the GCF, Mr. Soji Omisore added: “We currently have no standalone project focused solely on Nigeria. That needs to change. We are here to co-create a country platform that aligns with Nigeria’s climate strategy.”
Dr. Nkiruka Maduekwe, Director-General of the NCCC, stressed the urgency of increasing Nigeria’s access to international climate finance. “Countries far smaller than Nigeria have multiple accredited entities. That needs to change. We are pushing for the NSIA, NIRSAL, and even the Ministry of Finance to pursue accreditation,” she said.
The NCIP forms part of Nigeria’s broader strategy to unlock climate-linked capital and position the country as a regional leader in sustainable finance, particularly as global trade dynamics evolve and the African Continental Free Trade Area, AfCFTA, presents new growth opportunities.
With the launch of the NCIP, Nigeria is poised to take a significant step towards a more sustainable and climate-resilient future. By mobilizing $500 million in climate finance, the country can drive growth, support key sectors, and position itself as a leader in the green economy.
The success of this initiative will depend on the collaborative efforts of all stakeholders involved, but the potential benefits for Nigeria’s economy and environment are undeniable.
