Experts Call for Prioritizing Climate Finance in Nigeria to Support African Resilience

Experts have called on the Nigerian government to prioritize social finance and development in Africa in order to support climate resilience.

This appeal was made on Tuesday, during a webinar organized by the Sustainability Professionals Institute of Nigeria (SPIN) and sponsored by First Bank of Nigeria.

The experts emphasized the importance of harnessing climate finance opportunities in Nigeria, especially in light of the implementation of the Climate Change Act 2021 and the country’s commitment to the 2060 Net Zero-Target.

Various sustainability financial instruments such as green bonds, sustainability bonds, and climate-tagged investments were highlighted as means to support climate resilience in Africa.

The Head of Sustainability, Media, and External Relations at First Bank and the Director of Advocacy and Stakeholder Relations at SPIN emphasized the institute’s commitment to promoting sustainability practices in Nigeria.

The keynote speaker discussed key milestones in Nigeria’s commitment to climate action, including the National Determined Contributions (NDC), the Medium-Term National Development Plan, the Energy Transition Plan, and the establishment of a climate change fund.

The estimated funding required for Nigeria’s climate change action was revealed to be Three Hundred and Forty-eight trillion Naira, with a significant portion expected to come from private sector participation.

The discussions highlighted the importance of investment policy, a proactive mindset towards climate action, and public-private
partnerships in the climate finance space. Climate finance was defined as finance activities tailored towards climate action, including adaptation, mitigation, and efforts to impact climate change.

The concept of sustainable finance was emphasized, merging green, social, and sustainability-linked financing into a holistic approach. This shift towards sustainability is seen as necessary to protect the ecosystem, preserve natural resources for future generations, and improve the quality of life.

The expansion of the meaning of climate finance by the United Nations Framework Convention on Climate Change (UNFCCC) to include technology transfer was noted, indicating a move beyond conventional monetary transactions and bonds to ensure impactful climate actions.

The webinar also addressed the urgent need for improved data thinking in Nigeria, particularly regarding climate financing and accurate measurements. Africa’s vulnerability and significant mineral deposits, such as coal, were highlighted, emphasizing the continent’s potential as either the highest beneficiary or the biggest loser in the global climate conversation. Adequate funding for alternative energy sources and the implementation framework for climate resilience were identified as critical.

The panel session included representatives from various organizations, such as EY West Africa, the Department of Climate Change, PwC Nigeria, and the National Council on Climate Change.

The event was moderated by the President of SPIN, with the CEO of the African Business Coalition for Health and the Head of Legal Directorate at SPIN hosting the event alongside other dignitaries.