Nigeria will require an estimated $337bn in financing to implement its climate commitments across major sectors of the economy by 2035. This was disclosed by the National Council on Climate Change (NCCC), the federal agency responsible for policy formulation, agenda setting and coordination of climate matters in Nigeria.
The council said more than 80 per cent of the required capital would need to come from private investment, commercial debt and international carbon finance, highlighting the scale of private-sector participation required to achieve the country’s climate targets.
Omotenioye Majekodunmi, Director-General, NCCC, disclosed this on Thursday during a pre-summit virtual webinar organised by the Nigerian Economic Summit Group (NESG).
The webinar, which focused on bridging educational gaps and strengthening workforce readiness, was organised ahead of the 32nd NESG Economic Summit scheduled for October.
Majekodunmi, represented by Adesola Olatunde, Chief Scientist, NCCC, said the estimated financing requirement would support climate-related interventions in energy, transportation, agriculture, forestry, waste management and industry.
She said the scale of investment required should not be viewed solely as a financial burden but as an opportunity to attract capital into sectors capable of generating economic growth, jobs and productivity gains.
“This scale demonstrates that the NDC isn’t a list of costs; it’s a $337bn investment prospectus for the Nigerian economy,” she said.
According to her, the council is working with relevant institutions to establish frameworks capable of translating Nigeria’s climate commitments into commercially viable projects and attracting investment into priority areas.
She identified renewable energy and power generation as some of the areas with significant investment potential, particularly as Nigeria seeks to increase the contribution of renewable sources to its energy mix.
“We are targeting over 50 percent renewable energy contribution to our energy mix by 2030 through 2035,” Majekodunmi said.
She said the transition would create opportunities for distributed commercial and industrial solar projects, regional mini-grids, energy storage systems and local assembly of clean-energy components.
Majekodunmi also outlined Nigeria’s emissions-reduction targets, saying the country is committed to an unconditional 29 percent reduction in greenhouse gas emissions by 2030 using domestic resources.
The target is expected to rise to a 32 per cent conditional reduction by 2035, subject to the availability of international climate technology transfers and other forms of external support.
She said the targets are contained in Nigeria’s Nationally Determined Contribution 3.0 (NDC 3.0), which serves as the country’s medium-term framework for implementing its climate commitments and aligning them with the statutory objective of achieving net-zero emissions by 2060.
“This Nationally Determined Contribution 3.0 also serves as the primary medium-term mechanism that is driving Nigeria towards a statutory target of net zero emissions by 2060. This already shows us that we have a long-term alignment,” she said.
The NCCC chief stressed that climate-related investments must also generate tangible economic benefits, particularly in employment, productivity and the protection of livelihoods.
“To deliver growth that works, every climate intervention must yield measurable economic returns, sustainable jobs, higher productivity and protect livelihoods across all political zones,” she said.
The financing requirement comes as Nigeria faces the challenge of balancing climate-transition commitments with the need to expand energy access, improve infrastructure and sustain economic growth.
The council’s emphasis on private capital reflects the limited capacity of public finances to independently fund the scale of investment required across the identified sectors.
Majekodunmi said the NCCC was therefore focused on creating the institutional and investment frameworks needed to convert climate priorities into bankable projects capable of attracting domestic and international capital.
The proposed investments in renewable energy, mini-grids, energy storage and clean-energy manufacturing could also support efforts to strengthen electricity supply while creating opportunities for local value chains and new industries.
The council’s position underscores the growing importance of climate finance to Nigeria’s development strategy, with the success of its 2030 and 2035 emissions targets depending not only on policy commitments but also on the ability to mobilise long-term private and international financing.
The NCCC said its approach is to ensure that climate action is integrated with broader economic development objectives, rather than treated as a standalone environmental agenda.
