AfDB releases climate funding guidelines for Nigeria

Africa investment forum generates $142b in investment interest over 5 years - AfDB
Africa investment forum generates $142b in investment interest over 5 years - AfDB

The African Development Bank Group has released a series of country-specific economic reports designed to assist African policymakers, including those in Nigeria, in accessing crucial climate finance. These reports were introduced ahead of the 28th United Nations Conference on Climate Change.

Prof. Kevin Urama, Chief Economist and Vice President of the African Development Bank Group, emphasized that these reports would play a crucial role in formulating practical and implementable policies to encourage private sector investment in climate change mitigation and green growth.

AfDB’s ‘Country Focus Reports’

The reports, titled “Country Focus Reports,” offer in-depth analysis and policy recommendations, serving as a valuable resource for African countries as they prepare for COP28, scheduled for November to December 2023 in Dubai, United Arab Emirates.

The overarching theme of these reports is “Mobilising private sector finance for climate and green growth in Africa.”

In the case of Nigeria, the reports advise the nation, which boasts Africa’s largest economy, to allocate more funding to mineral mining for supporting the green transition.

The reports recommend addressing issues such as gas flaring and implementing strategies for financing solar mini-grids to enhance rural electricity access.

These comprehensive reports outline a range of short, medium, and long-term policies aimed at accelerating economic growth and building resilience to various challenges.

They serve as a valuable resource for both governments and potential investors, providing essential data to inform policy and investment decisions.

Recognizing the urgency of climate change as a significant threat to inclusive growth and sustainable development in Africa, this year’s reports explore opportunities to harness private sector resources and natural capital to bridge the climate finance gap.

This, in turn, will facilitate the transition towards inclusive, robust, and sustainable green growth.

Ferdinand Bakoup, Acting Director of Country Economics at the African Development Bank, highlighted that these 2023 Country Focus Reports build upon the foundation established by the African Economic Outlook 2023, launched in May, and subsequent Regional Economic Outlooks introduced in July.