Nigeria faces significant climate challenges, from severe flooding to rapid deforestation, with economic losses projected at up to $460 billion by 2050. While the country needs at least $177 billion by 2030 to meet its climate goals, domestic resources alone are insufficient.
At COP29, several key decisions were made to enhance global climate finance, including the operationalization of the Loss and Damage Fund (LDF) and the increase of climate finance goals for developing countries to $300 billion per year by 2035.
With COP29 outcomes offering new climate finance opportunities, Nigeria must align its legal, institutional, and policy framework, demonstrate concrete progress, operationalize the Climate Change Fund, and participate in the international carbon credit market. This will position Nigeria as a credible recipient of international climate funding and ensure sustainable development and resilience.
Download the full report for a detailed breakdown of Nigeria’s climate finance opportunities post-COP29.
