President Bola Tinubu has announced a major national climate and green industrialisation investment initiative that would unlock between $20 billion and $30 billion in annual climate finance for Nigeria’s energy transition and economic modernization.
Speaking at a high-level forum, the President framed the initiative within Nigeria’s urgent need to deploy advanced technology and modernize infrastructure to deliver sustainable energy, particularly to underserved communities.
He cited the 2023 Electricity Act as a legislative cornerstone enabling decentralized and inclusive energy access for rural areas, off-grid health facilities, schools, and markets.
To fund this green transition, Tinubu detailed several ambitious financing mechanisms: a climate investment platform targeting $500 million for climate-resilient infrastructure; a national climate platform aiming to mobilize $2 billion in capital investment; and a highly successful $50 billion sub-regional green bond that was oversubscribed by 97.7%. He also highlighted the World Bank’s support through a $750 million programme designed to expand clean electricity access to more than 17.5 million Nigerians.
Integrating climate action with development, the President outlined Nigeria’s Energy Transition Plan, which weaves “climate mitigation, industrial growth, and social development into a single coherent framework.” The plan targets achieving net-zero emissions by 2060 while ensuring universal energy access.
Tinubu concluded by calling for strengthened global partnerships, urging developed nations to collaborate on technology transfer, knowledge exchange, and innovation.
