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African Development Bank Group

Climate idea

The AfDB says Nigeria requires strong private sector investments to meet its climate change

In its “Nigeria Country Focus Report (CFR) 2023″, AfDB said the mobilisation of private sector climate finance is critical in meeting the 2030 nationally determined contribution (NDC) targets of the country. The bank said Nigeria needs an annual investment of $20.5 billion in renewable energy, sustainable transport and waste management. The organisation noted that the strength of the private sector to finance climate change initiatives in the country lies in its ability to harness the interest of investors, investment funds and credit institutions.According to the report, public sector in Nigeria is lacking the resources needed to address the country’s climate crisis, as well as its transition to a more sustainable and resilient growth pathway. “Nigeria’s climate financing needs over 2020 to 2030 was estimated at $247.3 billion – annual average of about $22.5 billion,” the report reads. “Of this amount, mitigation activities constitute the largest proportion (71.5 percent) of the financing needs, estimated at $177 billion. https://www.thecable.ng/afdb-nigeria-needs-20-5bn-annual-private-sector-investment-in-climate-change/amp?nonamp=1

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24 more agrees trigger contact with the recipient

  • Ann Nyambura

    32 w

    The private sector's ability to attract investors, investment funds, and credit institutions is key to financing climate projects in Nigeria.

    1
    • Peter Kamau

      33 w

      This is a welcome call from the AFDB

      5
      • Esther Wanjiku

        33 w

        This is an important call

        5
        • mercy nduta

          34 w

          With supportive financial structures in place, the private sector can scale up investment in climate change.

          6
          • walter lungayi

            34 w

            The AfDB's emphasis on strong private sector investments for Nigeria's climate change efforts is important. Mobilizing private sector climate finance will help the country meet its targets and address the urgent need for investment in renewable energy, sustainable transport, and waste management. This is a positive step towards achieving a more sustainable future for Nigeria.

            5
            • George Kariuki

              34 w

              This report emphasizes the importance of collaborative efforts between government and the private sector to address climate change effectively.

              5
              • Grace Njeri

                34 w

                It is important that governments adopt a comprehensive approach to private sector engagement on climate change to promote sustainable green growth.

                6
                • CHRIS NGATIA

                  34 w

                  Both the private sector and the public need to work together towards climate change

                  9
                  • Saustine Lusanzu

                    34 w

                    Nice idea for the night Nigeria development

                    6
                    • rosebellendiritu

                      34 w

                      Both the private and the public sector needs to work together towards the journey of transition irregardless of the contribution to make sure there is smooth transition.

                      17
                      • Princess

                        34 w

                        The AfDB's call for strong private sector investments in Nigeria to address climate change is crucial.

                        18
                        Welcome, let's solve the climate crisis together
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