Nigeria has unveiled one of its strongest investment pitches to date, positioning itself as Africa’s leading destination for climate finance and sustainable investment as it seeks to mobilise nearly US$350 billion to achieve its net-zero emissions target by 2060.
Speaking at the inaugural Nigeria Climate Investment Summit (NCIS) during London Climate Action Week 2026, Sam Onuigbo said Nigeria offers a compelling opportunity for climate finance and sustainable investment.
Onuigbo, who sponsored Nigeria’s Climate Change Act 2021, said investing in the country’s green economy is no longer merely an investment in a nation of more than 240 million people, but a strategic entry point into Africa’s future market of over 2.5 billion people.
According to Onuigbo, Nigeria’s updated Nationally Determined Contribution (NDC 3.0) outlines an ambitious pathway to achieve net-zero emissions by 2060 and will require almost US$350 billion in investments, presenting opportunities for global institutional investors.
“Climate investments in Nigeria should not be viewed simply as investments in Nigeria. They should be seen as strategic investments positioned to serve a continental market that will become one of the world’s largest,” he said.
Climate investment destination
Onuigbo pointed to growing investor confidence in Nigeria, noting that the country’s ₦50 billion Sovereign Green Bond issued in 2025 attracted subscriptions worth ₦91 billion, exceeding expectations by 82 percent.
He also cited the oversubscription of the Lagos State Green Bond as evidence of increasing confidence in Nigeria’s sustainable finance market.
Onuigbo said; “Nigeria’s demographic advantage, abundant renewable energy resources, expanding carbon markets and ongoing economic reforms have created unprecedented opportunities across renewable energy, climate-smart agriculture, sustainable transport, resilient infrastructure and clean cooking.”
President Tinubu’s reforms
The former lawmaker commended President Bola Ahmed Tinubu for implementing policies aimed at accelerating Nigeria’s green transition.
Onuigbo highlighted the removal of fuel subsidy, the enactment and subsequent strengthening of the Electricity Act, the establishment of the National Carbon Market Framework, operationalisation of the Climate Change Fund, implementation of the Energy Transition Plan and the promotion of compressed natural gas and electric mobility as key reforms improving the country’s investment climate.
According to him, “these policies have significantly expanded opportunities for private investment, particularly in renewable energy, mini-grids, carbon markets and sub-national electricity markets.”
“Energy gap presents investment opportunity despite Africa possessing nearly 60 percent of the world’s best solar resources, the continent still accounts for less than one percent of installed solar generation capacity, Onuigbo observed,” he said.
Onuigbo noted that more than 90 million Nigerians still lack access to electricity, making Nigeria the country with the world’s largest electricity access deficit.
Rather than viewing the gap as a challenge alone, he described it as one of the world’s biggest renewable energy investment opportunities.
The climate advocate also referenced the World Bank-backed Mission 300 initiative, which seeks to connect 300 million Africans to electricity by 2030 through major investments in energy infrastructure.
“Carbon market expected to unlock billions,Onuigbo disclosed that Nigeria’s National Carbon Market Framework is expected to generate between US$2.5 billion and US$3 billion annually in carbon finance over the next decade,” Onuigbo explained.
He said investments in afforestation, biodiversity conservation, ecosystem restoration and methane reduction would not only help Nigeria meet its climate commitments but also create tradable carbon credits capable of attracting international capital.
Onuigbo also spotlighted the proposed Nigeria Evergreen City project in Nasarawa State, designed to position Nigeria as a regional hub for battery manufacturing, renewable energy technologies and green industrialisation.
He urged investors to partner with Nigeria in building a sustainable future., stressing that Africa currently attracts only about two percent of global renewable energy investment despite possessing more than 30 percent of the critical minerals needed for the global energy transition.
Onuigbo described the inaugural Nigeria Climate Investment Summit as a platform to connect international finance with Africa’s largest economy and one of the world’s fastest-growing consumer markets.
He said; “The opportunities are immense, the policies are evolving, and the market is ready,” he concluded. “The time to invest in Nigeria’s green future is now.”
The Summit was convened by GLOBE Legislators and SOStainability.
