By Mercy Aikoye
The House of Representatives has expressed support for the proposed establishment of the Green and Climate Bank of Nigeria, an initiative aimed at mobilising private capital for renewable energy and other climate-aligned sectors.
Chairman of the House Committee, Hon. Afam Ogene, described the proposal as both timely and strategic, noting that the bank would play a critical role in supporting Nigeria’s transition to a sustainable economy.
“The proposal to establish a Green and Climate Finance Bank is both timely and strategic,” Ogene said.
He explained that the bank is expected to provide long-term financing for projects that promote a sustainable economy while supporting micro, small and medium enterprises (MSMEs), women-led businesses, and green innovators.
According to him, the institution is designed as a private sector-driven initiative with a strong governance framework aligned with global standards.
“It is a private sector initiative with a strong governance framework,” he said.
Also speaking, Dr. Oluwafemi Adedipe said the proposed bank would help mobilise the capital required for Nigeria’s transition to a low-carbon economy.
“Nigeria is simultaneously one of the most climate-vulnerable countries and one of the most promising green investment frontiers,” he said.
Adedipe noted that Nigeria’s climate investment opportunity could reach $104 billion by 2030, stressing that the availability of opportunities alone would not guarantee progress without adequate financing.
“Opportunity alone does not translate into progress,” he added.
The promoters of the initiative plan to raise $100 million in founding capital and commence operations in 2026.
“We intend to attract private capital at scale while delivering measurable environmental and social impact,” Adedipe said.
Dr. Samuel Ndubuisi-Brown also encouraged investors to take advantage of the opportunity, describing them as potential “first movers” in a rapidly expanding market.
“You will not only be getting a financial return; you will also be helping to build the resilience of Africa’s largest economy,” he said.
