President Bola Tinubu has announced a major national initiative designed to unlock between $20 billion and $30 billion in annual climate finance, a cornerstone of his administration’s plan to drive green industrialization and accelerate Nigeria’s energy transition.
In other words, Nigeria is making efforts to complement global push on carbon markets in the way of equal advantage.
Speaking at a high-level forum in Abu-Dhabi Tinubu framed the ambitious plan as a direct response to the nation’s urgent need to modernize infrastructure and deploy advanced technology for sustainable development. He highlighted the 2023 Electricity Act as a critical legislative foundation, enabling decentralized energy access for rural communities, off-grid schools, health facilities, and markets.
To finance this transformation, the President detailed a suite of innovative mechanisms. These include a climate investment platform targeting $500 million for resilient infrastructure and a national climate platform aimed at mobilizing $2 billion in capital. He also pointed to a highly successful $50 billion sub-regional green bond that was oversubscribed by 97.7%, alongside a $750 million World Bank program to extend clean electricity access to over 17.5 million Nigerians.
Integrating climate action with economic growth, Tinubu outlined Nigeria’s comprehensive Energy Transition Plan, which weaves climate mitigation, industrial development, and social progress into a single framework. The plan’s dual mandate is to achieve net-zero emissions by 2060 while ensuring universal energy access for the population.
Tinubu concluded with a call for strengthened global partnerships, urging developed nations to collaborate on technology transfer and knowledge exchange.
He emphasized that the adoption of artificial intelligence to optimize efficiency is now an immediate imperative, positioning Nigeria to leverage cutting-edge innovation in its pursuit of a green industrial future.
