Nigeria’s House of Representatives Committee on Renewable Energy has formally endorsed a private sector proposal to establish the country’s first dedicated Green and Climate Finance Bank, positioning it as a critical mechanism to mobilise investment for climate-aligned projects.
Chairman of the committee, Hon. Afam Victor Ogene, said at a press briefing in Abuja recently that the specialised financial institution is intended to unlock long-term capital to accelerate Nigeria’s transition to clean energy and climate-smart sectors.
According to Mr. Ogene, the initiative responds to a substantial financing gap that has hindered investment in renewable energy, climate-smart agriculture, green buildings, sustainable transport, waste management and other environmentally sustainable ventures. He cited estimates by the International Finance Corporation indicating Nigeria could hold about $104 billion in climate-smart investment opportunities by 2030, but that conventional financing mechanisms have so far been inadequate.
“Traditional financing structures have struggled to mobilise capital at the scale and speed required,” Mr. Ogene said, adding that commercial banks often view green projects as high risk, limiting access to affordable, long-term financing.
Ogene stressed that the proposed Bank would be a private sector-led institution, not government-owned, designed to operate in alignment with national climate policies, renewable energy goals and regulatory frameworks.
Promoters of the initiative, including founders of Quantum Partners, have developed a detailed business plan, governance blueprint and stakeholder engagement roadmap, and are currently in discussions with regulators and development partners.
Oluwafemi Adedipe, a lead promoter, said the Bank would serve as a platform to bridge the gap between green projects and capital markets, offering tailored financing to renewable energy developers, sustainable agriculture enterprises and other climate-aligned small and medium enterprises.
Co-founder Samuel Ndubuisi-Brown disclosed that the promoters aim to raise $100 million in founding capital to complete regulatory approvals, establish systems and digital infrastructure, and begin lending activities. Subject to regulatory clearance and successful capital mobilisation, the Bank aims to commence operations in early 2027.
Mr. Ogene said the committee will continue to support policies that enhance renewable energy deployment, improve investor confidence and promote sustainable finance frameworks. He urged development partners, sovereign investors, pension funds and institutional investors to engage with the proposal.
