August 9, 2024 8:01 amIn the global fight against climate change, the difference between where the world is and where it needs to be is a function of finance. For developing countries like Nigeria, this is especially necessary because the transition to a green, low-carbon economy will address climate challenges, create sustainable jobs, and gainfully employ its teeming population.
Given the preceding, the accreditation of the Development Bank of Nigeria as the first Direct Access Entity in Nigeria to the Green Climate Fund announced on July 17, 2024, was met with great enthusiasm by stakeholders across various verticals of the Nigerian green space. The GCF is the world’s largest dedicated fund, helping small island states and the least developed and developing countries reduce greenhouse gas emissions and enhance their ability to respond to climate change.
Also, access to loans, occasioned by the accreditation, will cause the private sector, especially MSMEs, which make up 96.7% of all businesses and contribute over 45% to Nigeria’s gross domestic product , to develop innovative and new business models, and low-carbon technologies that will drive Nigeria towards its green economy goals.