President Bola Ahmed Tinubu has made a passionate call for increased global financial support for climate action, urging major international institutions like the World Bank, International Monetary Fund (IMF), and African Development Bank (AfDB) to scale up funding for countries facing acute climate vulnerabilities.
Speaking through Vice President Kashim Shettima at a high-level Climate Summit held during the 80th United Nations General Assembly (UNGA) in New York, Tinubu emphasized that the climate crisis requires more than promises, it demands bold, sustained leadership and tangible support for developing nations.
“For Nigeria, a country acutely vulnerable to climate impacts, climate action is not a choice,it is an existential necessity,” Tinubu declared.
🇳🇬 Nigeria Sets Sights on $25 Billion Climate Financing by 2030
Tinubu revealed that Nigeria is mobilizing between $20 billion and $25 billion in climate financing by 2030 through green bonds, blended finance, and public-private partnerships aimed at reducing risk.
He further disclosed that the country is aiming to unlock an additional $7 to $10 billion in grants and concessional financing from international partners to support projects focused on:
- Technology transfer
- Green entrepreneurship
- Regional energy integration
- Inclusive, climate-resilient growth
To make Nigeria more attractive to green investment, Tinubu outlined a series of economic and legislative reforms:
- Removal of fossil fuel subsidies
- Modernization of tax laws
- Improved revenue efficiency
- Enhanced ease of doing business
He noted that these reforms are designed to open up opportunities in clean energy, sustainable infrastructure, and climate-smart agriculture, especially in sectors like manufacturing and transport.
In March 2025, Nigeria launched its Carbon Market Activation Policy, positioning the country as a credible hub for: article 6 carbon trading and voluntary and compliance carbon markets.
Tinubu said the framework is expected to attract up to $2.5 billion in carbon credit revenues by 2030 through high-integrity emissions reductions and offset projects.
As part of its UN obligations, Nigeria submitted its updated Nationally Determined Contributions (NDC 3.0) on September 21, a document which significantly raises the country’s climate ambition compared to previous versions.
“This is Nigeria’s highest level of climate ambition to date,” Tinubu said, adding that it reflects a shift from a “business-as-usual” model to absolute, economy-wide emissions reductions.
Key Highlights of NDC 3.0:
- Targeting a 60% reduction in deforestation rate
- Aiming to expand forest cover via afforestation and reforestation
- Introducing “Health” and “Climate Empowerment” as new priority sectors
- Electrifying public transport and scaling up cleaner industrial energy
- Installing 7GW of new captive power (50% renewables, 50% gas)
- Improving national energy efficiency standards by 2030
- Expanding climate-smart agriculture to reach 5 million smallholder farms
- Planning to restore mangroves, wetlands, and forests to sequester over 200 million tonnes of CO₂e
Institutional Framework for Climate Governance
To drive the implementation of its climate goals, Nigeria has created the National Council on Climate Change (NCCC), supported by a cross-ministerial secretariat to ensure coordination, transparency, and measurable progress.
Tinubu reaffirmed that for Nigeria, climate action is not a trade-off between development and sustainability, but rather “the pathway to innovation, security, and shared prosperity.”
Tinubu warned that no country can tackle the climate crisis in isolation, stressing that developed nations must honour their $100 billion annual pledge made under the Paris Agreement to support climate action in the Global South.
“Nigeria stands ready to lead where necessary, collaborate where needed, and deliver on our part because the time for climate action is not tomorrow. It is now.”
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