Nigeria worth US$104bn climate smart investment by 2030, says Reps committee
…backs establishment of Green Climate bank Chairman of the House of Representatives Committee on Renewable Energy, Afam Victor Ogene, said on Wednesday that available record from the International Finance Corporation
…backs establishment of Green Climate bank
Chairman of the House of Representatives Committee on Renewable Energy, Afam Victor Ogene, said on Wednesday that available record from the International Finance Corporation indicate that Nigeria will be worth about US$104bn climate smart investment by 2030
Ogene, who spoke at a news conference said in view of this, there was the need for the House to throw its weight behind the proposed establishment of the Green and Climate Bank of Nigeria.
The lawmaker said, “The proposal to establish a Green and Climate Finance Bank is both timely and strategic as it is designed to serve as an important financial institution that mobilises private sector capital, use innovative risk-sharing tools, and provides long term financing tailored specifically to renewable energy and other climate aligned sectors”.
He said the bank “will support MSMEs, women-led businesses, green innovators, and infrastructure developers who are building the foundation of a sustainable economy.
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“This initiative comes at a critical time in our nation’s history, essentially coming at the heels of the Federal government's policy of Renewable Energy as a viable option to boost energy security in the nation.
“The proposed Green and Climate Finance Bank represents such innovation. Essentially, this is not a government owned bank. It is a private sector initiative with a strong governance framework aligned to global environmental, social, and transparency standards.
“It aims to attract both domestic and international investors while ensuring measurable climate and development impact.
“The promoters have already developed a detailed business plan, governance blueprint, and stakeholder engagement roadmap. However, it's their responsibility to give further details about the proposal and what their efforts so far in actualizing the object.
“As legislators, our role is to create an enabling environment. We will continue to support policies that encourage renewable energy deployment, improve investor confidence, and promote sustainable finance frameworks.
“We stand ready to engage constructively with regulators, development finance institutions, and private investors to ensure that this initiative aligns with national priorities and global best practice”.
Founder of Quantum Partners who are the promoters of the Green Climate Bank, Dr. Oluwafemi Adedipe said the bank is designed to mobilise resources for Nigeria’s transition to a low carbon, green economy.
He said, “Today, we formally introduce the Green and Climate Finance Bank for Nigeria, an innovative financial institution designed to mobilise capital for Nigeria’s transition to a low carbon, green economy.
“Nigeria is simultaneously one of the most climate-vulnerable countries in the world and one of the most promising green investment frontiers. Floods, drought, desertification, and energy insecurity threaten livelihoods and economic stability. At the same time, renewable energy, climate-smart agriculture, green infrastructure, and circular economy ventures represent transformative growth sectors.
“Nigeria’s climate investment opportunity could reach approximately US$104 billion by 2030. However, opportunity alone does not translate into progress. The capital that will operationalise the opportunity must be mobilised. Risks must be structured and projects must be financed.
“That is the gap this Bank is designed to fill. The Green and Climate Finance Bank will serve as a platform that bridges the space between green projects and capital markets. It will provide flexible financing tailored specifically to renewable energy developers, sustainable agriculture enterprises, green infrastructure projects, and other climate aligned MSMEs.
“Our objective in proposing this Bank is simple but ambitious. We intend to attract private capital at scale while delivering measurable environmental and social impact.
“To do this right, we’ve spent months building a world-class foundation, including a comprehensive business plan and operating model. We have also engaged with regulators, development partners, and institutional stakeholders.
“We have designed an independent governance blueprint consistent with global sustainability standards. We are also assembling a high-calibre advisory structure that brings together expertise in banking, climate finance, and investment management”.
Co-founder of Quantum Partners, Dr. Samuel Ndubuisi-Brown said their next step is to raise US$100 million in founding capital that will enable them to complete regulatory approvals, establish core systems and digital infrastructure, and begin lending and project financing, with a target operational timeline in 2026.
He said, “To potential investors, this represents a dual opportunity. First, this is a chance to be a 'first mover' in a market that is about to grow exponentially. Second, you will not only be getting a financial return; you will also be helping to build the resilience of Africa’s largest economy, while catalysing renewable energy expansion, supporting green entrepreneurship, creating jobs, and strengthening Nigeria’s resilience in the face of climate risk”.
He disclosed that the bank is about building institutional capacity for the future. It is about ensuring that Nigeria does not depend solely on external mechanisms to finance its climate transition.
“It is about creating a home-grown platform that speaks the language of both international investors and local entrepreneurs”, he said.
