Nigeria is turning to domestic financial institutions and private capital to bridge a staggering $171 billion climate financing gap, as policymakers warn that multilateral funding accounts for less than two percent of the continent’s climate finance needs.
The financing challenge took centre stage at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference in Lagos, where regulators, bankers, and development finance leaders agreed that the country’s path to achieving net-zero emissions by 2060 will depend less on external aid and increasingly on local capital markets, green bonds, and sustainability-linked financing.
The discussions come as Nigeria intensifies efforts to mobilise blended finance to support climate adaptation, clean energy, sustainable agriculture, and resilient infrastructure while reducing dependence on increasingly constrained international climate funds.
Philip Ikeazor, deputy governor for economic policy at the Central Bank of Nigeria (CBN), said Africa could no longer rely on traditional sources of climate finance, noting
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