By Abdullahi Lukman
The Chairman of the House of Representatives Committee on Renewable Energy, Afam Ogene, has expressed strong support for the proposed first green and climate finance bank in Nigeria.
He described the initiative as a strategic step toward unlocking billions of dollars in climate-smart investments and accelerating the country’s transition to clean energy.
Speaking at a press conference in Abuja, Ogene said the proposed institution would mobilise long-term capital for renewable energy, climate-smart agriculture, green buildings, sustainable transport, waste management and other environmentally sustainable sectors.
According to him, the initiative aligns with the mandate of the House Committee on Renewable Energy to oversee renewable energy development across government agencies and to promote policies that attract investment in clean energy technologies.
Ogene explained that the proposed bank is conceived as a specialised financial institution focused exclusively on climate-aligned sectors at a time when Nigeria is seeking to strengthen energy security through renewable energy deployment.
Explaining the rationale for the bank, he said, “the question before us is simple: how do we unlock Nigeria’s climate opportunity? The answer is finance.”
He cited estimates by the International Finance Corporation indicating that Nigeria has a climate-smart investment opportunity valued at about $104 billion by 2030. However, he noted that traditional financing systems have struggled to mobilise capital at the scale and speed required to drive the sector’s growth.
According to Ogene, many commercial banks still
consider climate-related projects high-risk, making it difficult for renewable energy developers and green entrepreneurs to secure affordable financing.
“It is not that the opportunity does not exist,” he said. “It is that the financial architecture to unlock it at scale remains underdeveloped.”
He clarified that the proposed Green and Climate Finance Bank is designed as a private sector-led initiative, not a government-owned institution, but one that would operate in alignment with national climate policies and renewable energy targets.
The promoters, he said, have already developed a detailed business plan, governance framework and stakeholder engagement strategy, while consultations with regulators and development partners are ongoing.
Subject to regulatory approval and successful capital mobilisation, he disclosed that the bank is targeting the start of operations in early 2027. “As legislators, our role is to create an enabling environment,” Ogene added.
He said: “We will continue to support policies that encourage renewable energy deployment, strengthen investor confidence and promote sustainable finance frameworks.”
He also called on development partners, sovereign wealth funds, pension funds and institutional investors to review the proposal and collaborate with its promoters.
“Nigeria’s green transition is not optional. It is inevitable,” he said, adding that “the only question is whether we will lead it or lag behind it.”
Founder of Quantum Partners and a lead promoter of the bank, Oluwafemi Adedipe, said the proposed institution aims to bridge the gap between green projects and capital markets.
Adedipe noted that Nigeria remains one of the
countries most vulnerable to climate impacts—including floods, drought, desertification and energy insecurity—while also representing one of the most promising destinations for green investment.
“Opportunity alone does not translate into progress,” he said. “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.”
According to him, the Green and Climate Finance Bank would provide flexible financing tailored to renewable energy developers, sustainable agriculture enterprises, green infrastructure projects and climate-aligned micro, small and medium enterprises—including women-led businesses and green innovators.
Adedipe added that the promoters have spent months designing a comprehensive operating model and governance framework aligned with global environmental, social and transparency standards. An advisory structure bringing together expertise in banking, climate finance and investment management is also being assembled.
Co-founder Samuel Ndubuisi-Brown disclosed that the promoters aim to raise $100 million in founding capital to support regulatory approvals, build core digital infrastructure and commence project financing.
“This represents a dual opportunity,” he said. “Investors can be first movers in a market that is about to grow exponentially, while also supporting renewable energy expansion, green entrepreneurship, job creation and Nigeria’s resilience in the face of climate risk.”
Beyond financial returns, the promoters said the bank aims to strengthen domestic capacity for climate finance and reduce Nigeria’s dependence on external funding mechanisms.
They also noted that global capital markets are rapidly shifting toward green and climate-aligned investments, creating opportunities for early movers to shape the next phase of economic growth.
If successfully established, the Green and Climate Finance Bank would represent one of Nigeria’s most ambitious efforts to build a dedicated financial institution for climate-aligned development, particularly as the country works to meet its commitments under the Paris Agreement and expand renewable energy to improve long-term energy security.
