AfDB releases climate finance guidelines for Nigeria, others

The African Development Bank Group has issued country-specific economic reports to assist policymakers, including Nigeria, in accessing the much needed climate finance.

This information was contained in a report titled, “Mobilising Private Sector Finance for Climate and Green Growth in Africa” released on Thursday, ahead of the 28th United Nations Conference on Climate Change.

The report is targeted at facilitating informed decision-making and practical policies for private sector investment in climate change and green growth.

The reports offer a range of policy recommendations to enhance economic growth and resilience while addressing climate change as a significant challenge.

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Kevin Urama, Chief Economist and Vice President the African Development Bank Group, said the reports would help evoke “sound, practical and implementable policies” to enhance private sector financing for climate change and green growth.

“As countries prepare for COP28, the reports provide each African country with independent, verified analysis and recommendations for evidence-based negotiations during the global conversation on climate finance and green transitions.”

Nigeria, as Africa’s largest economy, is advised to prioritise funding for green mining, tackle gas flaring, and promote solar mini-grids for rural electrification.

The reports have many ideas for African countries to make their economies better and stronger. The report is expected to help many governments and investors in the continent make smart choices.

Because climate change is a big problem for Africa’s growth, this year’s reports look at how businesses and nature can help get more money for dealing with climate change. This will help Africa grow in a way that’s good for everyone and the environment.

Ferdinand Bakoup, who works at the African Development Bank, said that these reports are based on earlier reports from this year. They all help us understand Africa’s economy better.