The House of Representatives Committee on Renewable Energy has thrown its weight behind the proposed establishment of a dedicated climate finance bank aimed at mobilising capital to tap into an estimated $104bn climate-smart investment opportunity in Nigeria by 2030.
Speaking at a press conference in Abuja, Afam Ogene, Chairman of the Committee, said the proposed Green and Climate Finance Bank would help address persistent funding constraints in the renewable energy and broader climate-aligned sectors.
Citing estimates by the International Finance Corporation, Nigeria has an estimated $104 billion climate-smart investment opportunity by 2030 which covers renewable energy, climate-smart agriculture, green buildings, sustainable waste management, sustainable transport, and resilient infrastructure.
However, he said unlocking that opportunity depends largely on access to structured and affordable finance.
“Traditional financing structures have not been sufficient to mobilise capital at the level and speed required”, he said.
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He also argued that commercial banks often struggle with climate financing because many green projects are perceived as high risk and do not fit conventional lending models. As a result, renewable energy developers and green entrepreneurs frequently face difficulty accessing long-term and affordable capital.
According to him, the proposed bank , a private-sector driven initiative is designed to serve as a specialised financial institution that would mobilise private capital, deploy innovative risk-sharing tools and provide long-term financing tailored to renewable energy and other climate-aligned investments.
The lawmaker described the initiative as consistent with the Federal Government’s policy direction on renewable energy as a strategy to strengthen energy security and accelerate the transition to a more sustainable economy.
In his speech, Samuel Ndubuisi-Brown, co-founder of Quantum Partners and promoters of the bank, revealed that their immediate next step is to raise $100 million in founding capital.
“This will enable us to complete regulatory approvals, establish core systems and digital infrastructure, and begin lending and project financing, with a target operational timeline in 2026,” he said.
He said prospective investors would be contributing to strengthening the resilience of Africa’s largest economy, accelerating renewable energy deployment, backing green enterprises, generating employment and enhancing Nigeria’s capacity to manage climate risks.
