FG to operationalise climate fund, accelerate green investment

Wale Edun, minister of finance, has reaffirmed the federal government’s commitment to operationalise the climate change fund (CCF).

The CCF is a financial mechanism for driving the country’s green transition and climate resilience agenda.

A statement on Friday by Mohammed Manga, the ministry’s director of information and public relations, said Edun hosted Nkiruka Madueke, director-general of the Nigeria climate change council (NCCC).

The meeting, which was held in Abuja, explored ways to advance efforts to operationalise the country’s climate change fund.

The minister noted the importance of integrating climate resilience into Nigeria’s development strategy.

Edun also encouraged the submission of a clear budget and project framework to accelerate collaboration and attract green investment.

“The meeting focused on aligning Nigeria’s economic planning with its climate commitments, including the push towards net-zero emissions and the delivery of third-generation nationally determined contributions (NDCs),” the statement reads.

In her remarks, Madueke emphasised the urgency of unlocking the fund, which she described as under-resourced, to finance critical climate initiatives and enable regulatory functions under the Climate Change Act.

“She called for firm backing from the Ministry, noting expressions of interest from the Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and Development Bank of Nigeria (DBN) to manage the Fund, while also highlighting that additional NCCC priorities include climate finance taxonomy, carbon market development, and mangrove conservation,” the statement added.

“As the federal government moves to activate the Climate Change Fund, Nigeria is poised to unlock a new era of climate resilience and sustainable development.

“With the Fund’s activation, the country can expect to see a surge in green investments, the creation of new jobs, and a significant reduction in carbon emissions.

“The future of Nigeria’s climate action has never looked brighter, and this move is a significant step towards achieving the country’s net-zero emissions goal.”