Nigeria Seeks $336.5 Billion in Climate Finance at COP31

Nigeria is heading to COP31 in Antalya, Türkiye, with a significant ask of $336.5 billion in climate finance. The funding is required between 2026 and 2035 to support climate change mitigation and adaptation programmes. According to Tenioye Majekodunmi, director general of the National Council on Climate Change (NCCC), the funding will be used to create jobs and strengthen economic resilience in key sectors such as energy, agriculture, and infrastructure.

The $336.5 billion funding requirement comprises $195 billion for emissions mitigation and $141.5 billion for adaptation. Majekodunmi emphasized that the Nationally Determined Contribution (NDC) is not just a list of costs, but a $336.5 billion investment prospectus for the Nigerian economy. The funding is expected to come from various sources, including private investment, commercial debt, and international carbon finance.

Nigeria is not negotiating alone at COP31. The country is part of the African Group of Negotiators (AGN), which is pushing for a fundamental shift in how climate finance is delivered. The AGN has submitted proposals calling for a tripling of adaptation finance and replenishment of the Green Climate Fund (GCF). Nana Antwi-Amoah, chair of the AGN, said the group views COP31 as an opportunity to lay the groundwork for COP32, which he described as "an African call".

The AGN is seeking clearer arrangements for delivering the adaptation finance outcome agreed in Belém, which Antwi-Amoah argued lacked operational detail. The group is also calling for an ambitious replenishment of the GCF next year, describing the fund as critical to climate action in African countries. Additionally, the AGN wants to keep a proposed climate finance work programme on the COP agenda.

For Nigeria, the test is delivery. Majekodunmi outlined the four Ds of climate finance and implementation: "Dollars, Deals, Deliveries and Dividends". She emphasized that capital follows certainty and that Nigeria must use COP31 to showcase viable projects and investment opportunities to development partners and private-sector investors.

Nigeria's climate transition will not only be measured in tonnes of carbon avoided, but also in jobs created, businesses built, and incomes improved. The country is targeting up to 840,000 net new jobs by 2060 from its climate transition. Antwi-Amoah said the AGN is coordinating its position and needs consensus and support from other negotiating blocs to advance its proposals.

The push for grant-based finance is central to Nigeria's position, with over 80 percent of the required capital expected to come from private investment, commercial debt, and international carbon finance. However, the African bloc insists that public finance for adaptation must not add to debt burdens. The group is also seeking to expand the pool of countries contributing to climate funds.

Key points

• Nigeria requires $336.5 billion in climate finance between 2026 and 2035.
• The African Group of Negotiators is pushing for a tripling of adaptation finance and replenishment of the Green Climate Fund.
• Nigeria's climate transition is expected to create up to 840,000 net new jobs by 2060.