The African Development Bank (AfDB) says Nigeria needs $247 billion in climate financing by 2030 to implement its nationally determined contribution.
The apex development bank in Africa disclosed this in its recently revised economic outlook for 2024.
According to the bank, Nigeria can lead lithium battery manufacturing if it is adequately harnessed.
It added that the private sector can be critical in climate fund mobilization.
“Nigeria needs $247 billion in climate finance through 2030 to implement its Nationally Determined Contribution. Investment is needed in clean energy, including 8 gigawatts of solar energy.
“The private sector has the potential to mobilize climate finance. Innovative financing opportunities include green bonds for energy efficiency and sukuk bonds for resilient transport infrastructure.
“Restructuring the sovereign wealth fund also presents an opportunity for climate finance,” it said.
