In what appears to be a decisive step towards mainstreaming sustainability into national economic planning, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed government’s commitment to operationalising the Climate Change Fund (CCF), a critical financial mechanism for driving the country’s green transition and climate resilience agenda.
Edun met with the Director-General of the Nigeria Climate Change Council (NCCC), Nkiruka Madueke, in Abuja to push forward efforts to align climate finance with Nigeria’s broader economic strategy.
At the heart of the discussions was the urgency of unlocking the underutilised Climate Change Fund to support projects that will enable the implementation of Nigeria’s net-zero emissions target and third generation Nationally Determined Contributions (NDCs).
Madueke noted that activating the fund is essential for delivering on the mandates of the Climate Change Act, particularly in financing regulatory, mitigation, and adaptation efforts.
She called on the Ministry of Finance to provide firm backing to the initiative, citing expressions of interest from key financial institutions such as the Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and Development Bank of Nigeria (DBN) to manage the fund and drive climate-related investments.
Other strategic focus areas outlined by the NCCC include the development of a climate finance taxonomy, the creation of a carbon market framework, and investments in mangrove conservation, critical to Nigeria’s coastal ecosystem and climate resilience efforts.
The finance minister Edun pledged full support for the NCCC’s vision, describing climate finance as an integral pillar of Nigeria’s long-term economic transformation strategy.
He encouraged the submission of a detailed project framework and budget to enable fast-tracked collaboration and attract foreign direct investment (FDI) in green infrastructure and climate-smart industries.
“Integrating sustainability into economic development is no longer optional,” Edun said, noting that “Nigeria must position itself as a hub for climate-aligned capital to meet its development goals while contributing meaningfully to global decarbonisation efforts.”
The renewed push to activate the Climate Change Fund is expected to catalyse growth in ESG (Environmental, Social, Governance)-linked financing and enhance Nigeria’s credibility in global climate negotiations and capital markets.
Analysts say the initiative could unlock billions of dollars in green finance, particularly from multilateral climate funds, international development institutions, and private equity firms focused on clean energy, climate resilience, and carbon credit opportunities in Africa.
As countries across the continent work to balance economic growth with environmental sustainability, Nigeria’s move signals its readiness to lead in climate finance innovation, unlocking opportunities in renewable energy, sustainable agriculture, reforestation, and other low-carbon sectors.