Lawmakers Support Private Sector-Led Climate Bank Initiative

The House of Representatives has endorsed a proposal to establish a Green and Climate Bank of Nigeria aimed at mobilising private capital for renewable energy and climate-focused investments.

Chairman of the House Committee on Renewable Energy, Afam Ogene, announced the House’s support during a joint briefing in Abuja with promoters of the initiative, led by Quantum Partners.

Ogene described the proposed bank as a timely and strategic intervention designed to channel long-term financing into renewable energy and other climate-aligned sectors.

He said the institution would mobilise private capital, deploy innovative risk-sharing tools and support micro, small and medium-sized enterprises, including women-led businesses and green infrastructure developers.

He noted that the initiative aligns with the federal government’s renewable energy policy and efforts to strengthen energy security.

According to Ogene, the bank is conceived as a private sector-driven institution with a governance framework aligned with global environmental and social standards.

Lawmakers, he said, would focus on creating an enabling environment through supportive legislation and engagement with regulators and investors.

Also speaking Quantum Partners co-founder Oluwafemi Adedipe said the bank would serve as a financial platform to accelerate Nigeria’s transition to a low-carbon economy.

He said Nigeria faces growing climate risks, including floods, drought and desertification, but also holds significant potential in renewable energy, climate-smart agriculture and green infrastructure.

Adedipe said estimates suggest Nigeria’s climate investment opportunities could reach $104 billion by 2030, but stressed that capital mobilisation remains a major gap.

The proposed bank would provide flexible financing for renewable energy developers, sustainable agriculture enterprises and other climate-aligned businesses, he said.

Another co-founder, Samuel Ndubuisi-Brown, said the promoters plan to raise $100 million in initial capital to secure regulatory approvals and begin operations, targeting a 2026 launch.

He said the initiative aims to attract private investors while strengthening Nigeria’s institutional capacity to finance its climate transition domestically.

Oduyemi Odumade, Edited By Grace Namiji