As the first country in West Africa and the second in Africa to have the Climate Change Act, Nigeria is set to have an enabling framework to attract climate finance and a ready-to-go mechanism to domicile climate change funds and support bankable climate-smart projects.
The Director General of the National Council on Climate Change Secretariat (NCCCS), Dr. Nkiruka Maduekwe, who unveiled the plan on Monday, March 3, 2025, during a stakeholder meeting hosted by her council in Abuja with support from the Green Protocol, emphasised the outcome of the deliberations, which she said has two distinctive pathways for the country: the government mechanism for the climate change fund and a draft for climate finance taxonomy.
According to her, “Africa is set to host COP32 in 2027, and Nigeria can be a co-host.”
She went on to say that in COP29, climate funding pledged by developed countries increased from $100 billion per year to $300 billion per year. Which means it is urgently important to have a specific framework that can provide an architecture for climate finance, operationalisation of climate change funds, domiciliation, and use of proceeds for Nigeria.
In the event was the Rwanda High Commissioner to Nigeria, Ambassador Christophe Bazivamo, who spoke about the similarities between both nations and climate change issues such as desertification in the Sahel, rising sea levels on the Atlantic coast, and biodiversity losses.
While commending Nigeria, he shared Rwanda’s commitment with the country to drive sustainable projects that create job opportunities.
“Africa is not here to be a victim. We are here for a pact for urgency for climate change demand integrated with a stakeholder’s approach where government agencies, civil society organisations, and communities work together to plan initiatives on the ground,” the diplomat stated.
He continued by adding that Rwanda is proud to stand with Nigeria in this journey, as it is one of the first countries in Africa to issue a green bond and a framework for carbon credits trading and is ready for carbon trading and capacity training on green economy initiatives.
According to Green Protocol, the fund has the potential to drive investments in renewable energy, adaptation measures, and resilience, ensuring that communities most affected by climate change receive the support they desperately need. The state of research is more inspiring, and the diverse group of partners in one room is committed to shaping climate finance in Nigeria.
“This event is a testament that we can work hand-in-hand with the government to achieve real, tangible, and concrete products,” the body noted.
The federal government of Nigeria is expected to spearhead the sponsorship of the climate fund as the initial seed capital funder. With the NCCCS facilitating it, the funding is expected to align with the Nationally Determined Contributions (NDCs), have a fund structure, and have an investment development link for donor partners.
By Nsikak Emmanuel Ekere, Abuja