By Tracy Moses
Nigeria will require an estimated $350 billion in climate financing to achieve its net-zero emissions target by 2060, President of GLOBE Legislators and sponsor of the Climate Change Act 2021, Rt. Hon. Sam Onuigbo, has said, urging international investors to increase their participation in the country’s rapidly expanding green economy.
Speaking at the inaugural Nigeria Climate Investment Summit (NCIS) held at Mansion House in the City of London during London Climate Action Week 2026, Onuigbo described Nigeria as one of Africa’s most attractive destinations for climate-related investments, citing opportunities in renewable energy, carbon markets, sustainable infrastructure and climate-smart agriculture.
The summit, organised by GLOBE Legislators in partnership with SOStainability, convened policymakers, investors, development partners and climate finance experts to explore strategies for mobilising capital into Africa’s largest economy.
Onuigbo said Nigeria’s updated Nationally Determined Contributions (NDC 3.0) had created substantial financing needs that present significant opportunities for global investors and development institutions seeking exposure to emerging green markets.
“Climate investments in Nigeria should be seen not just as access to a 230-million-person market, but as a gateway to Africa’s much larger and rapidly expanding economy,” he said.
He noted that Nigeria’s strategic position within the African Continental Free Trade Area (AfCFTA) offers investors access to a continental market of more than 1.3 billion people with a combined economic output exceeding $3.4 trillion.
According to him, climate investments in Nigeria carry implications beyond the country’s borders, particularly as Africa’s population is projected to reach 2.5 billion by 2050, while Nigeria’s population could approach 400 million.
He argued that the continent’s demographic expansion would significantly increase demand for clean energy, resilient infrastructure and sustainable development solutions, making climate investment an economic imperative.
Highlighting growing confidence in Nigeria’s green finance market, Onuigbo pointed to the success of the country’s 2025 Sovereign Green Bond, which attracted subscriptions of ₦91 billion against an issuance target of ₦50 billion.
He also cited the oversubscription of Lagos State’s Green Bond as evidence of rising investor appetite for environmentally sustainable financial instruments.
The GLOBE Legislators President identified Nigeria’s energy deficit as one of the country’s most compelling investment opportunities.
With more than 90 million Nigerians still lacking access to electricity, he said the country offers significant potential in renewable energy generation, mini-grid deployment and off-grid power solutions.
He noted that despite Africa’s abundant solar resources, the continent accounts for less than one per cent of global solar energy capacity, underscoring the scale of untapped opportunities.
Onuigbo further highlighted reforms introduced by President Bola Tinubu’s administration to accelerate Nigeria’s transition to a green economy, including the removal of fuel subsidies, promotion of electric vehicles, implementation of the Presidential Compressed Natural Gas (CNG) Initiative, and the establishment of the National Carbon Market Framework and Carbon Registry.
According to him, these measures are improving the investment climate and positioning Nigeria to attract greater volumes of climate finance.
He disclosed that the National Carbon Market Framework alone is projected to unlock up to $3 billion annually in carbon finance over the next decade.
“This represents a significant opportunity for investors seeking to participate in one of Africa’s most promising carbon markets,” he noted.
Onuigbo said the Climate Change Act 2021 had strengthened Nigeria’s climate governance architecture through the establishment of the National Council on Climate Change, providing the regulatory certainty and policy direction required for long-term investments.
He identified climate-smart agriculture, electric mobility, clean cooking technologies, carbon credit projects and environmental restoration programmes in the Niger Delta among sectors offering strong investment potential.
The former lawmaker also pointed to opportunities emerging from reforms in the electricity sector.
He noted that the Electricity Act 2023 now empowers states to regulate their own electricity markets, with 15 states already transitioning to independent electricity regulation.
According to him, the development is opening new opportunities for renewable energy developers and private-sector investors across the country.
Despite the prospects, Onuigbo warned that Nigeria faces mounting economic risks from climate-related disasters, including flooding, erosion and desertification.
He stressed the need for increased investment in climate adaptation and resilience measures to safeguard communities, critical infrastructure and economic assets.
Drawing a parallel with Nigeria’s telecommunications revolution, he recalled that investors who recognised the sector’s potential early reaped significant rewards as it grew into one of Africa’s most successful industries.
He urged investors to adopt a similar long-term perspective toward the country’s emerging green economy.
“Today, the same opportunity has presented itself in the green investment corridor, may the mistakes of the past not be repeated,” he said.
The summit forms part of ongoing efforts to position Nigeria as a leading destination for climate finance and green investment while fostering partnerships capable of supporting the country’s low-carbon transition and broader sustainable development goals.
Participants at the event expressed optimism that sustained reforms, stronger institutions and deeper international collaboration would help unlock the financing needed to drive Nigeria’s green transition and economic transformation.
