Nigeria needs $350 billion in climate finance to reach net zero by 2060, says GLOBE Legislators president at London summit

Nigeria will require an estimated $350 billion in climate financing to hit its net zero emissions target by 2060, according to Sam Onuigbo, president of GLOBE Legislators and sponsor of the Climate Change Act 2021. He made the remarks at the inaugural Nigeria Climate Investment Summit in London, calling on global investors to back the country's green economy. Onuigbo pointed to opportunities in renewable energy, carbon markets, sustainable infrastructure, and climate smart agriculture, noting that Nigeria's updated Nationally Determined Contributions under NDC 3.0 have created significant financing needs. The summit highlighted specific investment vehicles already showing traction. Nigeria's 2025 Sovereign Green Bond was oversubscribed, attracting 91 billion naira against a 50 billion naira target. The National Carbon Market Framework is projected to unlock up to $3 billion annually in carbon finance over the next decade. Onuigbo also cited the Electricity Act 2023, which allows states to regulate their own electricity markets, as opening new opportunities for renewable energy developers. With over 90 million Nigerians lacking access to electricity, the country offers a large market for mini grids and off grid solar. Despite the opportunities, Onuigbo warned that Nigeria faces mounting economic risks from climate related disasters like flooding, erosion, and desertification. He argued that climate investments in Nigeria serve as a gateway to the broader African market under the African Continental Free Trade Area, which covers 1.3 billion people. The summit aimed to position Nigeria as a leading destination for climate finance and green investment while fostering partnerships to support the country's low carbon transition.