By Abdullahi Lukman
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced a renewed commitment to operationalizing the Climate Change Fund (CCF), a key financial mechanism aimed at supporting the country’s green transition and enhancing climate resilience.
This statement came during a recent meeting with Nkiruka Madueke, Director-General of the Nigeria Climate Change Council (NCCC), in Abuja.
Edun emphasized the urgency of unlocking the underutilized CCF to facilitate projects that align with Nigeria’s net-zero emissions targets and its third generation Nationally Determined Contributions (NDCs).
He highlighted that integrating sustainability into economic development is imperative for Nigeria’s future, stating, “We must position ourselves as a hub for climate-aligned capital to meet our development goals while contributing to global decarbonization efforts.”
Madueke reiterated the necessity of activating the CCF to meet the mandates outlined in the Climate Change Act, which focuses on financing regulatory, mitigation, and adaptation efforts.
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She pointed out that key financial institutions, including the Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and Development Bank of Nigeria (DBN), have expressed interest in managing the fund and driving climate-related investments.
Among the strategic initiatives discussed were the development of a climate finance taxonomy, the establishment of a carbon market framework, and investments in mangrove conservation—essential for Nigeria’s coastal ecosystem.
Edun urged the NCCC to provide a detailed project framework and budget to facilitate swift collaboration and attract foreign direct investment (FDI) in green infrastructure and climate-smart industries.
He stated that the government’s focus on climate finance represents a vital pillar of Nigeria’s long-term economic strategy.
The push to activate the Climate Change Fund is expected to catalyze growth in Environmental, Social, and Governance (ESG)-linked financing, significantly enhancing Nigeria’s credibility in global climate negotiations.
Analysts predict that this initiative could unlock billions of dollars in green finance from multilateral climate funds and private equity firms, particularly in sectors focused on clean energy and climate resilience.
As Nigeria strives to balance economic growth with environmental sustainability, Edun’s leadership signals the country’s readiness to spearhead climate finance innovation, unlocking new opportunities in renewable energy, sustainable agriculture, and other low-carbon sectors.
