Federal Govt Seeks $237bn To Finance Nigeria’s Green Transition, Create Jobs

The Federal Government has said Nigeria requires about $237 billion between 2026 and 2030 to finance climate mitigation and adaptation measures, urging the private sector, investors and innovators to turn the huge funding requirement into an opportunity for economic transformation and job creation.

The government said the transition to a circular and climate-resilient economy could unlock new industries, attract investments and create employment by transforming wastes previously regarded as useless into valuable resources for manufacturing and other productive activities.

The Minister of Environment, Balarabe Abbas-Lawal, stated this yesterday in Abuja at the Climate Change and Circular Economy Africa 2026 conference held at the National Engineering Centre, Labour House.

Represented by the Director of the Department of Climate Change, Dr Inyogwa Adeleye, the minister said Nigeria could no longer afford to operate predominantly under the conventional economic model of “take, make and dispose”, particularly as the country grapples with the growing economic and social consequences of climate change.

He said the effects of climate change were no longer limited to environmental concerns, but were increasingly affecting economic growth, food security, livelihoods and national development through floods, droughts, rising temperatures and other extreme weather events.

The minister identified renewable energy, sustainable agriculture, recycling and waste management, green buildings, sustainable transportation and climate-resilient water systems as areas requiring accelerated investment to strengthen Nigeria’s resilience while opening new economic opportunities.

He said the country’s commitment to global climate action, demonstrated through its ratification of major international agreements including the Paris Agreement, must now be matched with stronger implementation of policies and regulatory frameworks capable of driving the green transition.

The convener of the conference, Zigwai A. Fanda, said the estimated $237 billion climate financing requirement should not be viewed solely as a financial burden, but as a catalyst for developing a new generation of Nigerian businesses and technologies.

Fanda said plastics, electronic waste, discarded food and agricultural residues could be converted into valuable raw materials, insisting that Nigeria had an opportunity to build industries around resource recovery, recycling, renewable energy and sustainable production.

She challenged government, investors, universities and young innovators to collaborate in developing home-grown green technologies rather than leaving Nigeria dependent on imported solutions to address its environmental and climate challenges.

Also speaking, Senator Ireti Kingibe, representing the Federal Capital Territory, said Nigeria could unlock an estimated $15 billion circular economy market while creating hundreds of thousands of sustainable jobs across agriculture, manufacturing, construction and urban development.

Kingibe, represented by her Head of Office, Becky Frank, said although Africa contributes less than four per cent of global greenhouse gas emissions, the continent remains highly vulnerable to climate impacts that threaten to undermine years of socio-economic progress.

She called for stronger legislation to support extended producer responsibility, tax incentives for green technology businesses, integrated waste management and gender-responsive climate programmes.