- The Clean Technology Fund is supporting the development of transformative public transport schemes in Lagos, Kano and Abuja
- The Department of Climate Change has established a pioneering Climate Finance Unit that will enhance knowledge and information on climate finance opportunities and help develop robust project proposals
- The Bank of Industry is in the final stages of seeking accreditation as a National Implementing Entity to the Adaptation Fund. If successful, this will allow a national organisation to be responsible for implementing projects funded from this source, substantially enhancing country ownership.
- In anticipation of a successful accreditation, efforts to develop a cross-cutting project concept to support the climate resilience of some of Nigeria’s poorest and most vulnerable citizens has begun.
Coordination and Climate Finance in Nigeria
Coordination and climate finance in Nigeria The costs of responding to climate change in Nigeria will be significant. The World Bank estimates that measures to adapt to climate change already built into the climate system could be $0.7bn to $1.2bn per year over the next 40 years (summing to almost $50 bn). These will be much higher again without a substantial scale-up of global efforts to reduce emissions. Furthermore, many of the mitigation options suitable for the country - especially in the oil and gas, power and transport sectors - will require significant finance. Historically, Nigeria has not been as successful as many other developing countries in accessing available international resources to help meet these needs. A lack of understanding of climate finance funding opportunities; difficulties in crafting concept notes and applications that reflect the requirements of providers; and challenges in coordinating activities across the government so as to present a coherent vision of Nigeria’s climate finance priorities have all held back climate finance flows. However, in the last few years, important advances have been made: