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As the global transition to cleaner energy accelerates, Nigeria is positioning itself as a leading African destination for climate investment. With an ambitious goal of reaching net-zero emissions by 2060 and an estimated financing need of nearly $350 billion, the country is seeking to transform climate action from an environmental obligation into a major economic opportunity.
This message took center 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 attended by the governors of Lagos and Enugu states.
While Babajide Sanwo-Olu was physically present and attended the sessions, including the inauguration of Onuigbo as the International President of GLOBE, Governor Peter Mbah of Enugu was represented by the Secretary to the State Government, Professor Chidi Onyia
Convened by the Chairman 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 represents one of the continent’s greatest investment opportunities, supported by political reforms, a growing market and ambitious climate commitments.
He said Nigeria’s updated Nationally Determined Contribution (NDC 3.0), unveiled in 2025, calls for nearly $350 billion in investment to meet the country’s net-zero emissions target by 2060, with a substantial share expected from international investors and development finance institutions.
According to him, the National Carbon Market Framework is expected to unlock between $2.5 billion and $3 billion per year 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 around 230 million people, but also as a gateway to the African Continental Free Trade Area (AfCFTA), providing access to over 1.3 billion consumers, a figure expected to rise to around 2.5 billion by 2050.
“Nigeria remains a major 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 financial instruments as evidence of investor confidence, noting that the country’s ₦50 billion 2025 Sovereign Green Bond attracted subscriptions worth ₦91 billion, while the Lagos State Green Bond was oversubscribed by 97.7%.
According to him, renewable energy, clean cooking, electric mobility, carbon markets, climate-friendly agriculture, sustainable transport, resilient infrastructure, pollution cleanup and ecosystem restoration offer significant investment opportunities.
Onuigbo also highlighted Nigeria’s electricity deficit, noting that over 90 million Nigerians still lack access to electricity despite Africa having about 60% of the world’s best solar resources.
He said the reforms introduced through the Electricity Act 2023 and subsequent amendments have opened up new opportunities for investment in renewable energy, mini-grids and off-grid energy projects, while allowing states to regulate their own intrastate electricity markets. Fifteen of Nigeria’s 36 states, he added, have already assumed regulatory control over their respective electricity markets, creating new opportunities for private sector participation.
He commended President Bola Tinubu for policies to accelerate Nigeria’s energy transition, including the removal of fuel subsidies, the presidential initiative on compressed natural gas, promotion of electric vehicles, establishment of the National Carbon Registry, operationalization 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 offers opportunities for investments in climate-smart agriculture, solar-powered irrigation and sustainable food production, while the transport sector offers prospects through government incentives for electric vehicles, including exemptions from import duties.
The summit also highlighted opportunities in clean cooking, with an estimated 70-75% of Nigerians still relying on unsafe cooking methods that contribute to an estimated 100,000 deaths each year due to indoor air pollution and respiratory diseases.
Onuigbo said the Niger Delta also presents opportunities in gas flare commercialization, 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 2% of global investment in renewable energy despite possessing more than 30% of the critical minerals needed for the global energy transition.
Drawing a parallel to the telecoms liberalization that took place in Nigeria 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 have become industry leaders.
35th anniversary of GLOBE
At the 35th anniversary celebration of the GLOBE legislators held at the Churchill Room of the House of Commons in London, Onuigbo, who became the first African to hold the presidency of the group, pledged to deepen parliamentary collaboration on climate action following his installation as president of the organisation.
Speaking on June 24, he said GLOBE will prioritize green investments, 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 organization that has been promoting cross-party parliamentary engagement on climate change and sustainable development for 35 years, contributing to the implementation of climate legislation around the world.
Onuigbo recalled that attending the 2015 GLOBE Legislators Summit alongside the United Nations Climate Change Conference (COP21) in Paris inspired his decision to sponsor Nigeria’s Climate Change Act, which he said significantly strengthened the country’s climate governance.
He also highlighted GLOBE’s growing role as the focal point of the parliamentary group of the United Nations Framework Convention on Climate Change and its establishment of parliamentary pavilions at recent UN climate conferences.
Outlining its agenda, it said GLOBE will expand knowledge-sharing programs, promote climate literacy by supporting the integration of climate education into school curricula, and strengthen the capacity of legislators to enact laws, provide oversight and mobilize public support for climate action.
Former US Vice President Al Gore, co-founder of GLOBE, who delivered the keynote address via Zoom, urged lawmakers around the world to step up efforts to fight climate change by accelerating the transition to clean energy while resisting the influence of the fossil fuel industry.
Gore recalled working with lawmakers 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 emissions of greenhouse gases are accelerating global warming.
According to Gore, humanity releases approximately 175 million tons of greenhouse gas emissions into the atmosphere every day.
“The last ten years are the ten warmest years on record,” he said, adding that the world has experienced more than 50 weather-related disasters that have caused at least $1 billion in damage annually over the past decade.
Gore argued that clean energy technologies are now more cost-effective than alternatives to fossil fuels and pointed to geopolitical tensions, including outages involving the Strait of Hormuz, as evidence that renewable energy offers greater energy security.
He cited the UK’s growing reliance on wind and solar energy following Russia’s invasion of Ukraine, saying the change reduced reliance on imported fossil fuels while generating economic savings.
Highlighting the growing global adoption of electric vehicles, heat pumps and rooftop solar systems, Gore said political barriers and fossil fuel pressures continue to slow the spread of renewable energy in many countries.
He urged lawmakers to implement policies that expand access to clean energy, reduce energy costs, improve public health and spur economic growth.
“We can only solve the climate crisis if we can solve the democratic 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 lawmakers on its 35th anniversary, praising its decades-long contribution in fighting 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.
He said climate-related disasters, including storms and floods, were 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 in April brought together leaders from 55 cities to exchange best practices.
He expressed hope that the anniversary celebration will foster new partnerships to accelerate global climate action.
“I sincerely hope that this event will be a valuable opportunity to build new alliances for climate action.”
