Reps Committee: Climate Finance Bank Key to Unlocking $104bn Renewable Energy Investment
The House of Representatives Committee on Renewable Energy has said the creation of a climate finance bank is critical to unlocking an estimated $104 billion climate investment opportunity in Nigeria by 2030.
Speaking during a press briefing on Wednesday in Abuja, the chairman of the committee, Afam Ogene, explained that the initiative would help mobilise large-scale investments into Nigeria’s renewable energy sector.
According to Ogene, the proposed climate finance bank would operate as a private-sector-driven financial institution designed to attract both local and international funding for clean energy projects across the country.
He noted that the initiative aligns with the federal government’s broader strategy of promoting renewable energy as a key pathway toward strengthening Nigeria’s energy security and sustainable economic development.
Ogene said Nigeria has significant potential in renewable energy sources such as solar, wind, hydro, and biomass, but the sector continues to face major financing gaps that slow down large-scale development.
The lawmaker added that establishing a specialised climate finance institution would help bridge the funding gap, reduce investment risks, and accelerate the deployment of renewable energy infrastructure.
He further stated that the initiative would also support Nigeria’s commitments to global climate goals while improving electricity access, particularly in rural and underserved communities.
The committee emphasised that collaboration between the government, private investors, development partners, and international financial institutions would be essential for the success of the proposed bank.
If implemented successfully, the climate finance bank is expected to play a major role in driving green investments, creating jobs, and expanding Nigeria’s clean energy capacity over the next decade.
