As the global shift towards cleaner energy gathers pace, Nigeria is positioning itself as one of Africa’s leading destinations for climate investment.

With an ambitious target of achieving net-zero emissions by 2060 and an estimated financing requirement of nearly $350 billion, the country is seeking to transform climate action from an environmental obligation into a major economic opportunity.

That message took centre stage at the inaugural Nigeria Climate Investment Summit held at Mansion House in the City of London during London Climate Action Week 2026 and also had in attendance Governors of Lagos and Enugu states.

While Babajide Sanwo-Olu was physically present and sat through the sessions, including Onuigbo’s inauguration as GLOBE International President, Governor Peter Mbah of Enugu was represented by the Secretary to the State Government, Prof Chidi Onyia

Convened by the President of GLOBE Legislators and sponsor of Nigeria’s Climate Change Act 2021, Rt. Hon. Sam Onuigbo: The summit sought to persuade global investors that Nigeria’s green transition represents one of Africa’s most promising investment frontiers.

Speaking at the summit, Onuigbo said Nigeria’s transition to a low-carbon economy presents one of the continent’s biggest investment opportunities, underpinned by policy reforms, a growing market and ambitious climate commitments.

He said Nigeria’s updated Nationally Determined Contribution (NDC 3.0), submitted in 2025, requires nearly $350 billion in investments to deliver the country’s net-zero target by 2060, with a substantial share expected from international investors and development finance institutions.

According to him, the National Carbon Market Framework is projected to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade, further strengthening Nigeria’s attractiveness to climate investors.

Onuigbo urged investors to view Nigeria not only as a market of about 230 million people but also as a gateway to the African Continental Free Trade Area (AfCFTA), providing access to more than 1.3 billion consumers, a figure projected to rise to about 2.5 billion by 2050.

“Nigeria remains a top investment destination. Climate investments in Nigeria should be seen as investments with access to a continental market,” he said.

He cited the strong performance of Nigeria’s green finance instruments as evidence of investor confidence, noting that the country’s 2025 Sovereign Green Bond of ₦50 billion attracted subscriptions worth ₦91 billion, while the Lagos State Green Bond was oversubscribed by 97.7 per cent.

According to him, renewable energy, clean cooking, electric mobility, carbon markets, climate-smart agriculture, sustainable transport, resilient infrastructure, pollution remediation and ecosystem restoration offer significant investment opportunities.

Onuigbo also highlighted Nigeria’s electricity deficit, noting that more than 90 million Nigerians still lack access to electricity despite Africa possessing about 60 per cent of the world’s best solar resources.

He said reforms introduced through the Electricity Act 2023 and subsequent amendments have opened new opportunities for investments in renewable energy, mini-grids and off-grid power projects, while enabling states to regulate their intra-state electricity markets. Fifteen of Nigeria’s 36 states, he added, have already assumed regulatory control over their electricity markets, creating fresh opportunities for private sector participation.

He commended President Bola Tinubu for policies aimed at accelerating Nigeria’s energy transition, including fuel subsidy removal, the Presidential Compressed Natural Gas Initiative, promotion of electric vehicles, establishment of the National Carbon Registry, operationalisation of the Climate Change Fund and implementation of the Energy Transition Plan.

Onuigbo also highlighted the proposed Nigeria Evergreen City in Nasarawa State as a strategic initiative intended to position the country as a hub for renewable energy technologies, battery manufacturing and climate adaptation solutions.

In agriculture, he said climate change presents opportunities for investments in climate-smart farming, solar-powered irrigation and sustainable food production, while the transport sector offers prospects through government incentives for electric vehicles, including import duty waivers.

The summit also spotlighted opportunities in clean cooking, with an estimated 70 to 75 per cent of Nigerians still relying on unsafe cooking methods that contribute to about 100,000 deaths annually from indoor air pollution and respiratory diseases.

Onuigbo said the Niger Delta also presents opportunities in gas flare commercialisation, methane reduction, spill remediation, carbon capture, land restoration and water treatment as part of Nigeria’s just energy transition.

He expressed concern that Africa currently attracts only about two per cent of global renewable energy investment despite possessing more than 30 per cent of the critical minerals required for the global energy transition.

Drawing a parallel with Nigeria’s telecommunications liberalisation more than two decades ago, he warned investors against overlooking opportunities in the country’s emerging green economy, arguing that early entrants into Nigeria’s telecoms sector became industry leaders.

GLOBE’s 35th Anniversary

At GLOBE Legislators’ 35th anniversary celebration held at the Churchill Room of the House of Commons in London, Onuigbo, who became the first African to occupy the group’s presidency, pledged to deepen parliamentary collaboration on climate action following his inauguration as President of the organisation.

Speaking on June 24, he said GLOBE would prioritise green investment, climate education, legislative capacity building and stronger collaboration with governments, development agencies, civil society and the private sector to accelerate global climate action.

He described GLOBE as a pioneering organisation that has promoted cross-party parliamentary engagement on climate change and sustainable development for 35 years, contributing to the enactment of climate legislation across the world.

Onuigbo recalled that participating in the 2015 GLOBE Legislators Summit alongside the UN Climate Conference (COP21) in Paris inspired his decision to sponsor Nigeria’s Climate Change Act, which he said has significantly strengthened the country’s climate governance.

He also highlighted GLOBE’s expanding role as the focal point of the UN Framework Convention on Climate Change Parliamentary Group and its establishment of Parliamentary Pavilions at recent UN climate conferences.

Outlining his agenda, he said GLOBE would expand knowledge-sharing programmes, promote climate literacy by advocating the integration of climate education into school curricula, and strengthen legislators’ capacity to enact laws, provide oversight and mobilise public support for climate action.

Former United States Vice President Al Gore, co-founder of GLOBE, who delivered the keynote address via Zoom, urged lawmakers worldwide to intensify efforts to combat climate change by accelerating the transition to clean energy while resisting the influence of the fossil fuel industry.

Gore recalled working with legislators from the United States, Europe, Japan, and Russia to establish a platform for parliamentary cooperation on climate legislation.

He warned that climate impacts have become increasingly severe since the 1992 Rio Earth Summit, arguing that continued greenhouse gas emissions are accelerating global warming.

According to Gore, humanity releases about 175 million tonnes of greenhouse gas emissions into the atmosphere every day.

“The past ten years are the hottest ten years ever recorded,” he said, adding that the world had experienced more than 50 weather-related disasters causing at least $1 billion in damage annually over the past decade.

Gore argued that clean energy technologies are now more affordable than fossil fuel alternatives and pointed to geopolitical tensions, including disruptions involving the Strait of Hormuz, as evidence that renewable energy offers greater energy security.

He cited the United Kingdom’s increased reliance on wind and solar energy following Russia’s invasion of Ukraine, saying the shift had reduced dependence on imported fossil fuels while generating economic savings.

Highlighting rising global adoption of electric vehicles, heat pumps and rooftop solar systems, Gore said policy barriers and fossil fuel lobbying continue to slow the deployment of renewable energy in many countries.

He urged legislators to enact policies that expand access to clean energy, lower energy costs, improve public health, and stimulate economic growth.

“We can only solve the climate crisis if we can solve the democracy crisis.”
He concluded with a call for sustained political commitment, saying, “Political will is itself a renewable resource.”

Tokyo Governor Yuriko Koike, who sent her goodwill message via Zoom, also congratulated GLOBE Legislators on its 35th anniversary, commending its decades-long contribution to tackling climate change and calling for stronger international cooperation.

In a recorded message, Koike paid tribute to GLOBE’s leadership, particularly Graham Stuart, for championing environmental issues over the past three and a half decades.

She said climate-related disasters, including storms and floods, are becoming increasingly severe and stressed the need for stronger resilience measures.

Koike highlighted the Tokyo Metropolitan Government’s efforts to protect lives and livelihoods through climate adaptation initiatives and pointed to G-NET, Tokyo’s international network for urban resilience and sustainability, which brought together leaders from 55 cities in April to exchange best practices.

She expressed hope that the anniversary celebration would foster new partnerships to accelerate global climate action.

“I sincerely hope that this event will serve as a valuable opportunity for building new alliances for climate action.“

 

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