AGF, NDF Canvass Green SME Funding In Nigeria

The African Guarantee Fund (AGF), in collaboration with the Nordic Development Fund (NDF) has proposed solutions to addressing financing for smaller and medium-sized enterprises committed to green growth and climate-resilient development.
Both organisations hosted the ninth edition of the Green Finance Conference under the theme: ‘The Role of Africa’s Private Sector in The Paris Agreement on Climate Change’. The conference brought together government representatives, senior executives of financial institutions, key regulatory-policy stakeholders, and Green SMEs to discuss green synergies.

The Green Finance Conference provided a platform for all stakeholders to dialogue and showcase the many advantages that Green SMEs can contribute to the economy of Nigeria, while strengthening their understanding of AGF’s Green Guarantee Facility and how it enables banks on-lend to green and climate-smart projects.

Speaking at the opening ceremony, Group chief executive officer, AGF, Jules Ngankam emphasised that the Green Finance conference is a crucial response to the challenges posed by climate change within a framework of National Determined Contributions (NDC) with a focus on providing enhanced expertise to Africa.
Managing director, NDF, Satu Santala said: “we are committed to financing green and inclusive low-carbon and climate resilient growth of African economies to improve the livelihood of communities. Partnerships are at the core of NDF’s approach to climate finance and the African private sector plays a pivotal role in climate action and creating employment.”

The president of the Chartered Institute of Bankers of Nigeria(CIBN), Dr. Kenneth Opara noted the important role the private sector plays in climate change in the Paris Agreement, emphasising that the private sector plays a pivotal role in unlocking new growth, job creation and sustainable agriculture.
Special adviser to the Lagos State Government on Climate Change and Circular Economy, Mrs. Titilayo Oshodi, noted the need for more awareness on effects of climate change.
“It is a resultant factor in how we begin to deal with our environment, how we begin to play, what shots are required of us to keep our environment healthy, to keep it safe and climate friendly. We need to start to express the inherent opportunities in terms of wealth that is available in the wealth that we generate,” she said.

The conference is followed by a three-day training on Green Finance for Financial Institutions with a focus on the green financing value chain, risk assessment, and regulatory requirements necessary to meet the rising demand for climate adaptation in Nigeria.

African Guarantee Fund (AGF) is a specialized guarantee provider whose mission is to facilitate economic development and poverty reduction in Africa.
The Nordic Development Fund is a joint multilateral development finance institution. It provides climate change-related investments under its new mandate, established in 2009.