Stakeholders Demand Domestic Capital Mobilisation For Equitable Climate Transition

Stakeholders across finance, government, industry and academia have called for mobilisation of domestic capital and bankable green projects to drive Nigeria’s equitable climate transition.

At the third edition of Stanbic IBTC Holdings’ Sustainable Finance Summit in Lagos, themed ‘Financing a Just Transition: Mobilising Capital for People, Policy and Prosperity’, leaders agreed that Nigeria’s transition must put people and livelihoods at the centre, turning climate commitments into investments that expand energy access, create green jobs, strengthen infrastructure and build a circular economy.

Speaking, the chief executive of Stanbic IBTC Holdings, Chuma Nwokocha, said the summit was created to move Nigeria’s sustainable finance conversation from dialogue to action by bringing together stakeholders capable of shaping the ecosystem.

He noted that sustainable finance has moved from the margins to the mainstream, supported by stronger collaboration, broader participation and greater market awareness.

“We embraced an initiative-taking approach, exemplified by the launch of the Academy. This initiative not only provides free access to vital knowledge but also fosters a community ready to engage in Nigeria’s sustainable development journey,” Nwokocha stated.

Professor of Economic and Business Intelligence at Lagos Business School, Bongo Adi, said Nigeria has reached a critical point where economic growth and climate action are no longer competing priorities.

“At the centre of this transition are people and their livelihoods. Sustainable finance can catalyse private capital, create green jobs, strengthen local economies, and foster shared prosperity. It is a commitment to millions of Nigerians through private investment in resilient infrastructure, clean energy access, and sustainable enterprises,” Adi said.

Special Adviser to the President on Climate Finance, Mallam Ibrahim Shelleng, said Nigeria has established the policy, regulatory and institutional frameworks required to translate climate ambitions into investment opportunities.

He cited the Climate Change Act, updated Nationally Determined Contribution, Energy Transition Plan, Electricity Act, emerging sustainable finance taxonomy, and carbon-market framework as measures supporting an inclusive transition.

“Nigeria has established a long-term pathway for power, transport, and industry. The objective is to pursue a transition that is ambitious, just and aligned with the Paris Agreement. Our transition must expand energy access, increase industrial productivity, create employment, and improve quality of life,” he said.

The Special Adviser to the Lagos State Governor on Climate Change and Circular Economy, Titilayo Oshodi, said Nigeria’s just transition must expand reliable energy, strengthen infrastructure, create jobs, and help businesses respond to climate risks.

“The question is not whether Nigeria should develop or transition. We must do both together. Clean energy can expand reliable power, resilient infrastructure can protect economic activity, and circular economy can turn waste into businesses and jobs. But they must become well-prepared projects capable of attracting financing,” she said.

During a panel on ‘Unlocking and Mobilising Domestic Capital for Nigeria’s Just Transition’, experts agreed that capital availability is not the main constraint, but shortage of bankable, investment-ready projects.

They stressed such projects need clear objectives, transparent cashflows, demonstrable demand, credible projections, proper structuring, de-risking, and alignment with investors’ return, impact and risk requirements, supported by technical assistance, ESG integration, data and strong partnerships.