Fed Govt Moves to Operationalize Climate Change Fund
By Patience Ikpeme
The Federal Government has begun the process of making the country’s Climate Change Fund (CCF) operational.
The Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and Development Bank of Nigeria (DBN) have already been identified as potential managers of the Fund.
To this end, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with Dr. Nkiruka Madueke, Director-General of the Nigeria Climate Change Council (NCCC), in Abuja.
The meeting centered on aligning Nigeria’s economic planning with its climate commitments, including the drive towards net-zero emissions and the implementation of third-generation Nationally Determined Contributions (NDCs).
Dr. Madueke conveyed the urgency of making the Climate Change Fund accessible, noting that it remains under-resourced despite its critical role in financing climate initiatives and enabling regulatory functions under the Climate Change Act.
She requested strong support from the Ministry and mentioned the expressions of interest from the Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and Development Bank of Nigeria (DBN) to manage the Fund.
Dr. Madueke also stated that additional priorities for the NCCC include developing a climate finance taxonomy, fostering carbon market growth, and supporting mangrove conservation efforts.
Mr Wale Edun pledged his support, acknowledging the significance of incorporating climate resilience into Nigeria’s development strategy. He encouraged the submission of a clear budget and project framework to accelerate collaboration and attract green investment.
A statement released by the Federal Ministry of Finance on Friday indicated that Nigeria is poised to enter a new phase of climate resilience and sustainable development.
“With the Fund’s activation, the country can anticipate an increase in green investments, the creation of new jobs, and a substantial reduction in carbon emissions,” the statement noted.
