By David Lawani, Abuja
Finance Minister and Coordinating Minister of the Economy, Mr Wale Edun, has declared that the country is strategically positioning itself to tap into the estimated $2 trillion in global climate finance, even as the nation continues to count heavy losses from worsening climate disasters.
Speaking at the launch of the Climate Finance Guide yesterday in Abuja, Edun described the green economy as “the biggest opportunity of our time,” saying Nigeria must align its fiscal and investment priorities with the world’s shift toward sustainable growth and innovation under President Bola Ahmed Tinubu’s leadership.
“Global climate spending in 2024 stands at over $2 trillion; that’s where the money is,” Edun said. “Nigeria will not be left behind.”
While Edun’s optimism underscores the government’s renewed drive for climate investment, experts warn that the cost of climate impacts, from floods, droughts, and heat waves to disrupted agriculture and infrastructure collapse, continues to mount, eroding productivity and deepening poverty nationwide.
Across Nigeria, the economic impact of extreme weather has become glaring. Floods in Lagos have displaced thousands, droughts in Sokoto have decimated farmlands, and rising waters in Makurdi continue to push families into internally displaced persons (IDP) camps.
“These are not just environmental events,” Edun said. “They shape how we live, eat, work, and plan our future.”
According to environmental economists, Nigeria loses over $15 billion annually to climate-induced damages and disruptions.
Analysts note that these losses could escalate sharply unless the country moves beyond policy statements to implement sustainable climate adaptation programmes.
Edun revealed that the Ministry of Finance has established a Green Growth Office and Facility to coordinate climate-related financing, attract private investment, and drive sustainable infrastructure projects.
“We set up the Green Growth Office so we can align with global financing trends — financing for job-producing, growth-oriented projects that the world is willing to support,” he said. “There’s no point being on a different page from where the world is heading.”
He described climate finance as “not charity,” but “smart capital directed toward infrastructure, innovation, technology, and people — the real assets that will define our future.”
Additionally, Bassey Obasey, Public Finance Management Advisor to the UK-funded Partnership for Agile Governance and Climate Engagement (PACE), noted that many states have yet to access available climate resources due to poor project design and weak institutional capacity.
“We’re pointing states to resources that already exist but remain untapped,” Obasey said. “They must develop bankable, sustainable projects that attract funding and create green jobs.”
He explained that green jobs are those that stimulate economic growth without harming the environment, “jobs that reduce emissions, promote clean energy, and ensure just transition.”
Despite Edun’s assurances, Nigeria’s readiness to tap global green funds remains limited.
Experts say bureaucratic bottlenecks, poor transparency, and a lack of technical expertise continue to undermine access to international climate finance.
Edun also lamented that the $100 billion annual climate finance pledge by developed nations remains unfulfilled, even as the world now requires $5 trillion yearly to meet the Sustainable Development Goals (SDGs) by 2030.
Still, he expressed confidence that ongoing economic reforms and Nigeria’s resilience provide a foundation for renewed growth.
“Our people’s resilience has carried us through tough reforms,” Edun said. “Now, with renewed hope, we stand ready to finance the future and invest in our children’s tomorrow.”
Nigeria’s pursuit of a share of the $2 trillion global climate fund underscores a race against time — to translate ambition into action and replace mounting climate losses with measurable, sustainable gains.
