The African Development Bank says Nigeria requires strong private sector investments to meet its climate change and green growth goals., AfDB said the mobilisation of private sector climate finance is critical in meeting the 2030 nationally determined contribution targets of the country.
The organisation noted that the strength of the private sector to finance climate change initiatives in the country lies in its ability to harness the interest of investors, investment funds and credit institutions.According to the report, public sector in Nigeria is lacking the resources needed to address
“Investment in climate-smart and green growth ambitions will only be possible with enhanced private sector participation, from the current 22.1 percent of the country’s total climate finance, which, although higher than the average for Africa , remains low for the size of the Nigerian economy.25 percent contribution will require an annual growth rate of 26 percent in private sector climate resources.“To fully close the gap will require a growth rate of 42 percent in private sector financing.