Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised that the country must align with the global trend of financing for development by actively pursuing climate initiatives, which the international community is ready to fund.
Speaking at the recent 31st Nigerian Economic Summit (NES31) panel on “Unlocking Climate Finance for Sustainable Growth” in Abuja, Edun asserted that climate action is not a burden but an investment in jobs, health, education, security, and the nation’s future.
He highlighted that the focus must be on growth-oriented, job-creating projects that the world is willing to finance, noting the establishment of a Green Growth Office and Facility in the Ministry of Finance after COP28 to align Nigeria with this global direction.
The minister stressed that one key reason funds remain untapped is a lack of readiness. To address this, he said the Federal Government, FG, is supporting ministries and state agencies in preparing investment-ready proposals.
He announced the launch of the “Guide to Accessing Climate Finance” to better educate stakeholders on accessing these resources, and disclosed the Ministry of Finance has established a Green Growth Finance Coordinating Unit and a Green Growth Finance Coordinating Unit to align climate investments with national priorities.
Transparency is also a focus, with frameworks being reinforced to track climate finance flows and their impact. Edun also expressed concern that the annual $100 billion climate finance commitment to developing countries remains unmet, even as global climate spending reached $2 trillion in 2024.
Reports indicate that Nigeria’s severe climate vulnerability has led to economic losses exceeding $100 billion since 2020. With annual climate finance inflows of $2.5 billion in 2022 well below the required $17.7 billion, the country faces a funding gap that threatens to shrink its GDP by 11% by 2050.
Edun confirmed the government is actively engaging with key multilateral institutions, including the World Bank, IMF, AfDB, and G20, and plans to take a strong voice to development partners at COP30 in Brazil to seek greater support.
Addressing participants, he acknowledged the resilience of Nigerians in pushing through difficult but necessary economic reforms, positioning the country for stronger growth.
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Also speaking at the summit, World Bank Group Country Director Mathew Verghis urged the government to bring down inflation to consolidate the gains of current economic reforms and emphasised the need to create an enabling environment for local industries to attract foreign investment.
Other industry leaders, including the Managing Director of Flour Mills of Nigeria, Omoboyede Olusanya, called for the government to address high production costs driven by infrastructure and power challenges, as well as policy stability and obstacles in customs operations.
Minister of Industry, Trade and Investment, Olajumoke Oduwole, highlighted the ministry’s efforts in transforming trade policy and leveraging the AfCFTA to boost the competitiveness of local industries.
