Nigeria will require an estimated $337 billion to implement climate interventions across key sectors and meet its emissions reduction commitments by 2035, the National Council on Climate Change (NCCC) has said.
The council’s Director-General, Omotenioye Majekodunmi, disclosed this on Thursday during a pre-summit virtual webinar organised by the Nigerian Economic Summit Group (NESG).
The webinar, which focused on closing educational gaps and preparing Nigeria’s workforce for emerging opportunities, was held ahead of the 32nd NESG Economic Summit scheduled for October.
Represented by the NCCC’s Chief Scientist, Adesola Olatunde, Majekodunmi said the funding would support climate-related interventions in energy, transport, agriculture, forestry, waste management and industry.
She said more than 80 per cent of the required capital would need to come from private investment, commercial debt and international carbon finance.
Majekodunmi said Nigeria’s climate commitments included an unconditional 29 per cent reduction in greenhouse gas emissions by 2030 using domestic resources, with the target rising to 32 per cent by 2035, subject to international climate technology transfers.
“We are committed to an unconditional 29 percent reduction in greenhouse gas emissions by 2030 using domestic resources, scaling to a 32 percent conditional reduction by 2035 as international climate technology transfers are unlocked,” she said.
She said the country’s Nationally Determined Contribution 3.0 was designed to support its statutory target of achieving net-zero emissions by 2060.
“This Nationally Determined Contribution 3.0 also serves as the primary medium-term mechanism that is driving Nigeria towards a statutory target of net zero emissions by 2060. This already shows us that we have a long-term alignment,” she added.
The NCCC director-general urged stakeholders to view the funding requirement as an investment opportunity rather than a burden on the economy.
“This scale demonstrates that the NDC isn’t a list of costs; it’s a $337 billion investment prospectus for the Nigerian economy. To convert these billions into active projects, the NCCC, alongside our institutional partners, is driving frameworks that unlock concrete commercial opportunities,” she said.
Majekodunmi said the council was developing frameworks to attract investment into renewable energy and power generation, with a target of securing more than 50 per cent renewable energy contribution to Nigeria’s energy mix between 2030 and 2035.
“This opens a vast market for distributed commercial and industrial solar, regional mini-grids, energy storage systems and local assembly of clean energy components,” she said.
She added that climate interventions should deliver measurable economic returns, create sustainable jobs, improve productivity and protect livelihoods across the country.
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