Tinubu Urges IMF, World Bank To Boost Climate Finance For Africa
By NJORIGE LYNUS
PRESIDENT Bola Tinubu has urged the World Bank, IMF, and African Development Bank (AfDB) to significantly scale up climate financing to help vulnerable nations meet urgent environmental challenges.
Speaking through Vice President Kashim Shettima at a climate summit during the UN General Assembly in New York, Tinubu said Nigeria is mobilising $20–25 billion in climate finance by 2030, leveraging green bonds, blended finance, and public-private partnerships. He noted the country also aims to unlock $7–10 billion in concessional funding and grants from global partners.
He highlighted reforms such as the removal of fuel subsidies, tax law modernisation, and the launch of the Nigeria Carbon Market Activation Policy, which targets $2.5 billion by 2030 from high-quality carbon credits.
Nigeria’s updated Nationally Determined Contributions (NDC 3.0) commits to cutting deforestation by 60%, scaling renewable energy to seven GW, boosting climate-smart agriculture for five million smallholder farms, and achieving net-zero by 2060.
Tinubu stressed that for Nigeria, climate action is not optional but an “existential necessity,” urging developed nations to honour their $100 billion annual Paris Agreement pledge to support developing economies.
