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President Bola Tinubu has urged the World Bank, International Monetary Fund (IMF), and African Development Bank (AfDB) to scale up financing for climate action, stressing that the climate emergency requires urgent and sustained global leadership.
Tinubu, represented by Vice President Kashim Shettima, made the call during a Climate Summit at the 80th Session of the United Nations General Assembly (UNGA) in New York, United States.
He said Nigeria was mobilising between $20 billion and $25 billion in climate finance by 2030 through green bonds, blended finance, and public-private risk-sharing mechanisms, but called for greater global support.
“We aim to unlock at least $7–10 billion in grants and concessional finance from global partners while promoting technology transfer, regional energy integration, and green entrepreneurship to drive inclusive growth,” Tinubu said.
“For Nigeria, a country acutely vulnerable to climate impacts, climate action is not a choice — it is an existential necessity. Like other developing nations, Nigeria requires significant support to implement effective mitigation and adaptation strategies.
“We therefore call on international financial institutions to scale up financing for climate action. Likewise, developed countries must honour their climate finance commitments, including the $100 billion annually pledged under the Paris Agreement.”
Tinubu said Nigeria has undertaken significant domestic reforms to mobilise resources, including simplifying tax laws, removing fossil fuel subsidies, reducing burdens on households and businesses, and improving the ease of doing business to attract private investment in clean energy and sustainable infrastructure.
He noted that in March 2025, Nigeria launched the Nigeria Carbon Market Activation Policy, which provides a framework for high-integrity emissions reduction and positions Nigeria as a credible hub for Article 6, voluntary, and compliance carbon markets.
The initiative targets mobilisation of up to $2.5 billion by 2030 through high-quality carbon credits and related investments.
The president announced that Nigeria had updated its Nationally Determined Contributions (NDC 3.0) and submitted it to the UNFCCC Secretariat on September 21, outlining its most ambitious climate targets to date.
NDC 3.0 commits Nigeria to significantly increase mitigation and adaptation efforts, including lowering the deforestation rate by 60 percent, reforesting degraded land, installing 7GW of new captive generation capacity (50 percent renewable energy and 50 percent natural gas), and electrifying key sectors such as public transport and industry.
The plan also prioritises health and climate education for the first time, expands climate-smart agriculture to five million smallholder farms by 2030, and integrates early warning systems and climate-resilient infrastructure to reduce climate-related damages by 50 percent.
Institutionally, Nigeria has established the National Council on Climate Change (NCCC) with a cross-ministerial secretariat to ensure coherence, accountability, and measurable results.
Tinubu reaffirmed that Nigeria sees climate action not as a trade-off but as the pathway to sustainable growth, innovation, and shared prosperity.
“Nigeria is ready to work with all partners, to lead where necessary, and to deliver because the time for climate action is now,” he said.
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