Wale Edun calls youth to tap climate finance opportunities

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By Paulinus Sunday

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Nigeria’s Minister of Finance, Wale Edun, has called on citizens to work closely with the federal government to drive economic development, stressing that climate finance is now a key area of opportunity for growth.

Mr Edun made this call during the launch of a Guide for Accessing Climate Finance, a toolkit designed to support eco-friendly businesses in attracting investment and tapping into global climate finance. The event was held as a side session of the 31st Nigerian Economic Summit with the theme “Unlocking Climate Finance for Sustainable Growth.”

The launch was supported by the Partnership for Agile Governance and Climate Engagement, a United Kingdom-funded programme, working in collaboration with the Federal Ministry of Budget and Economic Planning and the UK International Development.

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Addressing participants, Mr Edun urged young Nigerians to take advantage of new opportunities under the leadership of President Bola Tinubu. He said the current administration has created a fair environment for all Nigerians to contribute to national growth.

“Everybody can now participate. The biggest opportunity of the moment is in climate. The country has changed; it is no longer a place where you need to have connections,” he stated. “The best way to get ahead now is to identify distortions in the economy, address them, and take advantage of opportunities within the rules of the day.”

The minister stressed that the global economy was becoming less empathetic and more inward-looking, adding that it was vital for developing nations like Nigeria to align with new financing models. He pointed out that achieving the Sustainable Development Goals would require massive investment.

“In order to meet the Sustainable Development Goals, the world needs to spend about five trillion dollars annually between now and 2030. We know that the 100 billion dollars promised annually to developing countries for climate action has not been fully met,” he said.

According to him, the Federal Ministry of Finance has already set up a Green Growth Office and Facility to ensure Nigeria stays in line with international financing approaches that support job creation and sustainable development. “There is no point being on a different page from the rest of the world,” he added.

Speaking at the event, Ifeanyi Ugwuoke, national team lead of the Partnership for Agile Governance and Climate Engagement, described climate change as an urgent challenge that requires reliable and accessible financing. He emphasized the importance of providing resources that allow governments and eco-friendly businesses to build infrastructure and push initiatives that would strengthen Nigeria’s climate response.

“We developed the Guide to Accessing Climate Finance to highlight the various funds available for governments and green businesses to tap into,” Mr Ugwuoke explained.

Basil Obasi, a public financial management adviser at the programme, also addressed participants, noting that state governments must take advantage of available opportunities in the climate finance space. He said the initiative was designed to create awareness and encourage states to act more proactively.

“We are supporting climate governance and public sector reforms. Our goal is to show states what resources exist that they are not accessing, and to encourage them to take action. Linking projects to green growth and community economics will help them attract funds, create green jobs, and boost development,” Mr Obasi stated.

In her remarks, Cynthia Rowe, head of development cooperation at the British High Commission, highlighted Nigeria’s potential to lead Africa’s transition to a green economy. She urged the government and businesses to maximize every opportunity in the climate sector.

“The UK Government has a strong relationship with Nigeria. We have decades of partnership in development and people-to-people ties. One of our goals is to serve as a catalyst for Nigeria’s development. Climate finance is a pathway for Nigeria to take control of its own development and destiny. Climate issues are a major concern for Nigeria, and we are committed to supporting its efforts to address them,” she said.

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