Nigeria’s progress in implementing its Nationally Determined Contributions (NDCs) and how to effectively channel climate finance to meet these targets were the major points of discussion at a side event hosted by Natural Eco Capital in collaboration with the Special Presidential Envoy on Climate Change and the Director General/CEO of the National Council on Climate Change Secretariat during COP29 in Baku, Azerbaijan.
The event brought together experts and stakeholders to discuss the critical intersection of climate action and finance in advancing Nigeria’s sustainable development goals.
Key topics included sustainable financing mechanisms, climate governance, and private sector engagement in driving Nigeria’s climate resilience and regional development. Government officials, climate finance experts, development finance institutions, and private sector representatives discussed the successes, challenges, and opportunities in mobilising resources for sustainable development.
The session commenced with a welcome address by Dr. Nkiruka Maduekwe, Special Presidential Envoy on Climate Change and Director General of the National Council on Climate Change (NCCC), who emphasised the importance of integrating climate action with financial strategies to ensure holistic and sustainable progress. Dr. Maduekwe’s insights set the tone for a day of engaging and informative discussions.
Professor Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank (AfDB), in a keynote address highlighted the bank’s role in supporting Nigeria’s climate goals and the broader impact of green growth strategies on regional development.
His presentation delved into Nigeria’s climate goals, the supportive role of the AfDB and other Multilateral Development Banks (MDBs), and the transformative potential of green growth strategies on regional development. He emphasised the opportunities in aggregating support for increased climate finance, identifying strategies for mobilising resources, and promoting best practices and innovative financial instruments.
In his conclusion, he generated recommendations for policymakers and international organisations, stressing that, in discussing the carbon market, emphasis must be laid on investment rather than offsetting with the natural resources in the country.
The panel discussions featured:
• Mr. Andrei Chicherin, Climate Finance Director at Evercity UG, shared strategies and mechanisms for mobilising climate finance.
• Dr. Mohammad Khokhar, Chairman & CEO of PK2100, Silicon Valley, provided insights on meeting the diverse needs of climate action through international cooperation and partnerships.
• Dr. Jubril Adeojo, Climate Finance expert at Natural Eco Capital & SMEFUNDS, assessed the specific climate finance needs for achieving Nigeria’s NDCs and optimising existing mechanisms.
• Dr. Bala Yusuf Yunusa, Senior Technical Adviser OSSAP-SDGs, Nigeria.
The session and discussions were moderated by Dr. Eugene Itua, CEO of Natural Eco Capital, who explored the topics related to climate finance and actions necessary to meet Nigeria’s needs. He highlighted the commitments and actions required from various stakeholders to enhance climate finance and action in Nigeria.
The side event also featured the presence of the Development Bank of Nigeria’s CEO, Dr. Tony Okpanachi, who announced to the audience the official signing of the accreditation of the bank with the Global Climate Fund (GCF), the world’s largest climate fund that accelerates transformative climate action in developing countries through a country-owned partnership approach and uses flexible financing solutions and climate investment expertise.
This positions the bank as the first financial institution in Nigeria to be accredited by GCF, a journey the bank commenced three years ago. It is noteworthy that the Development Bank of Nigeria is just seven years old and stands out amongst its peers in relation to its sustainability journey.
The event concluded with photo and networking sessions, allowing participants to engage directly with the panelists.
