Nigeria’s receipts of a total of $4.928 billion in funding for 828 climate-related projects over the past six years is a testament to the country’s growing reputation as a leader in climate action, an analyst, Hameed Adeola, has said.
He added that it exemplified a significant boost to the country’s efforts to address the challenges posed by climate change.
In an interview with New Telegraph over the weekend, he stated that the amount was revealed in a recent report and that it highlighted the country’s growing commitment to tackling the impacts of climate change.
He stated that the report showed that Nigeria has made significant progress in attracting funding for climate-related projects.
A recent report produced by Connected Development (CODE) in partnership with INKA Consult and Oxfam International stated that Nigeria “received” $4.928 billion for 828 climate-related projects, between 2015 and 2021 It stated that this translated to an average of 118 projects per year and an average annual climate finance of $704 million.
It added that a large amount of the funding was received in the form of concessional loans. The report titled: “The State of Climate Finance in Nigeria,” was made public during the official launch of Oxfam’s 2025 Annual Davos Report on Inequality and the co-launch of the Climate Finance Report.
It said: “Between 2015 and 2021, the country received $4.928 billion for 828 climate-related projects, yet this amount remains far below the estimated $177.7 billion needed annually to achieve its climate commitments.
“This dimension of climate finance further tightens Nigeria’s debt portfolio. Nigeria commits a significant portion of its GDP to debt servicing and interest repayments on loans.
Current debt levels stand at $108 billion, with external debt at $41.59 billion. This amounts to over 37 per cent of Nigeria’s GDP allocated to debt servicing and loan repayments.
“The top sectors funded by climate finance in Nigeria include Agriculture, Forestry, and Other Land Uses (AFOLU), Energy, Water and Sanitation, Education, and Financial Services.”
Adeola stated that the 828 projects funded during the period cover a wide range of areas, including renewable energy, energy efficiency, sustainable agriculture, and climate-resilient infrastructure.
He added that these projects were expected to have a significant impact on Nigeria’s ability to adapt to the challenges posed by climate change.
He said: “One of the key areas of focus for Nigeria’s climate-related projects is renewable energy. The country has set ambitious targets for increasing its use of renewable energy, with a goal of generating 30 per cent of its electricity from renewable sources by 2030.
“To achieve this goal, Nigeria has been investing heavily in renewable energy projects, including solar, wind, and hydroelectric power.
The country has also been working to develop its energy efficiency sector, with a focus on reducing energy waste and promoting the use of energy-efficient technologies.
“Sustainable agriculture is another key area of focus for Nigeria’s climate-related projects. The country is home to a large and growing agricultural sector, which is highly vulnerable to the impacts of climate change.”
He added: “To address this challenge, Nigeria has been investing in sustainable agriculture projects, including initiatives to promote climate-resilient crop and animal varieties, improve soil health, and enhance agricultural water management.
“In addition to these initiatives, Nigeria has also been working to develop its climate-resilient infrastructure. The country has been investing in projects to improve the resilience of its roads, bridges, and buildings, as well as its water supply and sanitation systems.
“These efforts are expected to have a significant impact on Nigeria’s ability to adapt to the challenges posed by climate change. By investing in climate-resilient infrastructure, the country can reduce its vulnerability to climate-related disasters, such as floods and landslides.
“The report’s findings are a testament to Nigeria’s growing commitment to tackling the impacts of climate change.
The country’s efforts to attract funding for climate-related projects have been highly successful, and the 828 projects funded over the past six years are expected to have a significant impact on Nigeria’s ability to adapt to the challenges posed by climate change.”
The analyst, however, said despite this progress, Nigeria still faced significant challenges in its efforts to tackle climate change.
According to him, the country’s economy is highly vulnerable to the impacts of climate change, and it will require significant investment and support to adapt to the challenges posed by climate change.
He opined that to address this challenge, Nigeria would need to continue to attract funding and support from international donors and partners.
He added that the country would also need to work to develop its own domestic funding sources, including through the development of green bonds and other climate-friendly financial instruments.
“In addition to these efforts, Nigeria will also need to work to build its capacity to adapt to the challenges posed by climate change. This will require significant investment in climate change research and development, as well as in climate change education and training.
“Despite these challenges, Nigeria’s progress in attracting funding for climate-related projects is a significant achievement.
The country’s efforts to tackle the impacts of climate change are an inspiration to other countries in the region, and demonstrate the potential for climate action to drive economic growth and development.
“In conclusion, Nigeria’s receipt of $4.928 billion in funding for 828 climate-related projects over the past six years is a significant achievement.
The country’s efforts to tackle the impacts of climate change are an inspiration to other countries in the region, and demonstrate the potential for climate action to drive economic growth and development.
Culled from New Telegraph Newspaper
