How Nigeria can attract multitrillion-naira funding from climate finance: Experts
![STASH OF DOLLARS](https://i1.wp.com/gazettengr.com/wp-content/uploads/CDAE136A-620D-459A-AF99-02713D0860D7.jpeg)
Some climate finance experts say that Nigeria and other African countries can attract trillions of naira from the climate finance market with the proper structure and right policies.
The experts spoke in separate interviews on Thursday in Lagos.
Climate finance refers to local, national or transnational financing—drawn from public, private and alternative sources of financing—that seeks to support mitigation and adaptation actions that will address climate change.
PUTRRU CEO Monica Maduekwe said the right policies and strategies could bring more climate finance to Nigeria and other African nations.
Ms Maduekwe said Nigeria and other African countries lacked climate finance due to poor policies.
She stated, “As the world grapples with the urgency of climate action, the spotlight is once again on global efforts to finance renewable energy projects, particularly in developing nations like Nigeria.
“At the last COP28, experts and stakeholders gathered to address the growing disparity between the pledged size of climate financing and the actual inflows for countries facing the impacts of climate change, such as Nigeria.”
She added that the global renewable energy sector had attracted approximately 3 trillion dollars in investments over the last two decades.
Ms Maduekwe said that Africa received a mere two per cent, as cited by the president of the African Development Bank, Akinwumi Adesina.
“One of the key challenges identified at the macro level is the scarcity of capital because, in the global landscape, capital tends to flow to certain regions, favouring Latin America and Southeast Asia, while Africa lags behind.
“A successful project development requires a thorough study of investment opportunities, risk identification and mitigation, clear partnerships (both public and private), and a well-defined financial structure,” she said.
On her part, Amie Alex-Irobi of the National Action Committee on the Africa Continental Free Trade Area (NAC-AfCFTA) said Nigeria’s industrialisation would need huge capital and hoped that climate finance would be attracted into the economic sectors to realise the objectives of Nigeria in the AfCFTA.
Ms Alex-Irobi said NAC-AfCFTA’s mission to bolster economic sectors in Nigeria, particularly in ensuring available, reliable, and affordable energy, aligned with the strategy of PUTTRU in trade and investment facilitation.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
![Katsina State](https://i1.wp.com/gazettengr.com/wp-content/uploads/1863B29B-AC06-49E0-ADFA-655BBEC3389A.jpeg)
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
![LASTMA officers](https://i1.wp.com/gazettengr.com/wp-content/uploads/LASTMA.png)
Lagos
LASTMA clamps down on skit producers, filmmakers over ‘unauthorised’ use of uniforms
The authorities frowned upon the demeaning manner in which movie and skit makers portray LASTMA in their movies and skits.
![CUSTOMERS IN BANK and DOLLARS](https://i1.wp.com/gazettengr.com/wp-content/uploads/IMG_5200-1200x702.jpeg)
Economy
CBN orders banks to stop cash payment of PTA, BTA
“Payment of PTA/BTA by cash is no longer permitted,” the CBN said. “Authorised Dealers and the general public are hereby to note and comply accordingly.”
![NUPRC and President Bola Tinubu](https://i1.wp.com/gazettengr.com/wp-content/uploads/IMG_5197-1200x684.jpeg)
Abuja
Petroleum commission, NUPRC, to relocate departments from Abuja to Lagos
Mr Ndume had criticised the move, accusing “Lagos boys” of goading President Bola Tinubu into approving the decision.
![EFCC ON STING OPERATION](https://i1.wp.com/gazettengr.com/wp-content/uploads/IMG_5194.jpeg)
States
Despite ban on sting operations, EFCC operatives raid FUTA students’ hostels
EFCC operatives raided the student hostels at 3:00 a.m., according to FUTA’s SUG.
![Prime Minister Rishi Sunak and Nigerians at the airport](https://i1.wp.com/gazettengr.com/wp-content/uploads/IMG_5193-1200x719.jpeg)
World
Weeks after implementing draconian immigration law, UK economy enters recession
The UK economy has entered a recession weeks after initiating an immigration policy that hamstrings Nigerians and others seeking to move into that country to obtain a visa.