The Nigerian Stock Exchange hosted the opening plenary of the Climate Finance Accelerator (CFA) workshop in Lagos on Tuesday, with the Minister of Environment, Suleiman Hassan stating that implementing the CFA locally will help the government of Nigeria achieve its climate change mitigation targets.
Giving his opening address at the Stock Exchange, the minister said, “The aim of the event is to attract large scale investments needed to execute the strong portfolio of bankable projects that will be selected during the workshop for which engagements with interested private/financial sectors have been ongoing till date.
“The wide range of climate change impacts affects all sectors in Nigeria resulting in damages to infrastructures, thereby crippling the economy as well as loss to human lives.”
Hassan added that “implementing the innovative CFA initiative in-country will greatly compliment governments concerted efforts at achieving its set targets through programmes such as the Sovereign Green Bonds, whose second issuance has commenced in earnest funding projects with green initiatives.”
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The CFA is an innovative international initiative supported by the UK Government and other international donors. Its aim is to accelerate the transformation of Nationally Determined Contributions (NDCs) into Climate Investments Plans supported by pipelines of bankable projects needed to attract investment at scale from the private sector.
Nigeria took part in the inaugural CFA process in 2017 in London. Nigeria’s participation was said to have increased dialogue between the public and private sectors and improved the understanding of how to identify ‘bankable’ projects.
The ongoing workshop in Lagos is meant to bring policymakers, project developers and financial experts together for four days to collaborate on the financing of individual projects that will help deliver the country’s NDCs.
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