Nigeria Targets $25 billion Climate Finance by 2030

Nigeria Targets $25 billion Climate Finance by 2030

By: Michael Mike

The federal government is targeting about $25 billion in climate finance by 2030 as part of its economy-wide climate governance.

Addressing a press conference at the weekend, Director-General of the National Council on Climate Change (NCCC), Mrs. Omotenioye Majekodunmi while revealing the target, said that the Nigeria’s Carbon Market Framework has been finalized and will be submitted to Federal Executive Council (FEC) for approval.

Majekodunmi said the recently submitted Nationally Determined Contribution (NDC3.0) is different from the previous ones in many ways as It departs from the “business-as-usual” approach to an absolute economy-wide emission reduction, representing our highest ambition level to date, noting that the targets are better defined and will be supported by an investment plan to accelerate implementation.

She said Nigeria has set a 32.2% increase in emission reduction compared to the 2018 baseline and significantly increases mitigation and adaptation ambitions with clearer targets compared to NDC2.0.

She explained that the NDC3.0 aims to lower the deforestation rate by 60%, which offers substantial mitigation potential of 304.8 MtCO2eq., and it seeks to increase the adoption and use of cleaner energy systems by increasing captive generation capacity using cleaner fuels, installing 7 GW (50% renewable and 50% natural gas) as part of a practical “Energy Mix Plan” on our journey to net-zero by 2060.

Majekodunmi said: “For the first time, “Health” and “Action for Climate Empowerment” have been included as priority sectors in our NDC3.0, demonstrating our commitment to economy-wide climate governance.”

She said to deliver on these commitments, Nigeria is mobilizing $20-25 billion in climate finance by 2030, including green bonds, blended finance, and public-private risk-sharing mechanisms, noting that: “We aim to unlock at least $7-10 billion in grants and concessional finance from global partners while promoting technology transfer.”

The NCCC Director General on plans for the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) (COP30) holding in Belém, Brazil from November 10-21, 2025,
disclosed that: “We have launched an electronic portal for registration of MDAs, private sector entities that wish to organize side events in the Nigerian pavilion to drive visibility and amplify our ambition as a country.

“We’re using digital tools to limit paper use and reduce our carbon footprint. By doing so, the government is leading by example.
Participants can apply and submit all their information online.”

She also disclosed that: “We have recently launched a robust Monitoring, Reporting, and Verification (MRV) system aligned with global best practices to track progress annually.

“The MRV system supports transparency and accountability in measuring and reporting our sectoral climate actions. This will boost trust among investors and funding partners and, most importantly, help attract necessary climate finance to support our development aspirations and meet our climate obligations.

“The MRV system is an important requirement for generating high-integrity and attractive carbon credits in Nigeria.”

Nigeria Targets $25 billion Climate Finance by 2030