Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, has launched the Guide to Accessing Climate Finance, positioning the country to tap into the $2 trillion global climate economy and signaling a shift toward green, resilient, and inclusive growth.
Edun, while unveiling the guide at the 31st Nigerian Economic Summit in Abuja on Monday, described the rise in climate finance as the ‘biggest opportunity of the moment,’ urging Nigeria’s public and private sectors to act quickly or risk being left behind.
The document, developed in partnership with the UK Government through the PACE programme and the Ministry of Budget and Economic Planning, aims to help stakeholders-from ministries to MSMEs-unlock capital for climate-smart infrastructure, energy, and adaptation projects.
‘Climate spending reached $2 trillion in 2024. That’s where the money is. Nigeria cannot afford to stand on the sidelines,’ Edun said, outlining a vision that links climate action with economic competitiveness, job creation, and fiscal stability.
He emphasized that climate change is no longer a distant risk but a reality across Nigeria, from flooding in Makurdi to drying farmland in Sokoto requiring a coordinated response beyond policy statements. He described the guide as a practical tool to access ‘smart capital’ for green innovation, infrastructure, and job creation.
At the center of this effort is a newly created Green Growth Finance Coordinating Unit within the Ministry of Finance, designed to align Nigeria’s fiscal policies with its climate goals and improve the quality of bankable projects.
Edun acknowledged a key challenge: the shortage of investment-ready proposals, which has limited Nigeria’s access to global funds.
He announced plans to expand Nigeria’s sovereign green bond programme to include state-level issuances, supported by credit guarantees and risk-sharing mechanisms to attract private capital.
The government is also integrating climate goals into national and subnational budgeting and strengthening institutional capacity to meet international fund accreditation standards.
Referring to national initiatives such as the Distributed Access Renewable Energy (DARE) Scalar, which aims to provide power to 17.5 million Nigerians through off-grid solutions, and Mission 300-a continent-wide programme backed by the World Bank and AfDB to connect 300 million Africans to electricity-Edun positioned Nigeria as a major beneficiary.
The country’s carbon markets initiative is expected to unlock $2.5 billion in finance and create more than two million green jobs by 2030.
He commended the Development Bank of Nigeria for securing Green Climate Fund accreditation and pledged support for other institutions to do the same, highlighting transparency and coordination as essential to delivering measurable impact. Nigeria will continue to engage global partners at platforms such as the World Bank, IMF, AfDB, G20, and COP30 in Brazil next year.
Edun linked climate action to inclusive growth, noting, ‘Everyone who can switch has switched to solar. These technologies are now mainstream. We must ride this wave. It is not a burden-it is an investment in our youth, our economy, and our future.’
Ifeanyi Ugwuoke, national team leader of the Partnership for Agile Governance and Climate Engagement (PACE), also launched the Guide to Accessing Climate Finance during the summit, aiming to improve Nigeria’s access to climate funding.
Ugwuoke highlighted the importance of financing in addressing climate change, describing it as an existential threat that requires adequate funding for effective action.
The guide serves as a resource for state governments and eco-friendly businesses seeking to access available global and local climate finance. While these funds exist, Ugwuoke noted that access depends on meeting specific eligibility criteria, which the guide helps users understand.
He explained that the guide outlines 18 investable climate funds and provides tools for assessing readiness, meeting funding conditions, and developing strategies to secure and use the funds. Ugwuoke noted that Nigeria is already facing the effects of climate change, including flooding, desertification, deforestation, and waste management challenges-areas requiring urgent investment in sustainable infrastructure.
Ugwuoke stressed the need for coordinated efforts, stating that building climate-resilient systems depends on targeted financing. He added that while the launch is a key step, the next phase involves making the guide available through an online platform for use by public and private stakeholders.
PACE will also offer technical support under its National Fragile Governance and Climate Engagement Program to help governments and businesses conduct assessments, identify gaps, and develop responses to access funding.
Ugwuoke urged stakeholders to act, saying the guide is not just a document but a tool for action. With it now available, leaders must respond to the challenges of climate change.
The guide is now available through the PACE online platform and government portals.