Ogene emphasised that the National Assembly remains committed to creating an enabling environment that encourages private sector participation and sustainable investment flows.
By Deborah Hassan
365Daily – The House of Representatives Committee on Renewable Energy has thrown its weight behind plans to establish Nigeria’s first dedicated Green and Climate Finance Bank, describing the initiative as a strategic move to unlock large-scale climate investment and fast-track the country’s transition to a low-carbon economy.
The endorsement came during a press conference at the National Assembly Complex in Abuja, where Chairman of the Committee, Hon. Afam Victor Ogene, said the proposed institution would serve as a specialised financial vehicle to address one of the biggest bottlenecks in Nigeria’s renewable energy sector — access to affordable and long-term financing.
Ogene described the proposed bank as “a strategic national instrument to attract climate investment at scale and position Nigeria as a continental leader in sustainable finance.”
According to him, the initiative aligns squarely with the mandate handed to the Committee by the 10th House of Representatives to formulate policies and initiatives that accelerate investment in renewable energy technologies, alongside its oversight responsibilities.
He noted that in the course of the committee’s engagements with stakeholders across the renewable energy value chain, access to finance repeatedly emerged as a critical constraint.
“During our interactions with stakeholders in the renewable energy sector at different fora, financing was consistently identified as a major challenge,” Ogene said. “Stakeholders noted that accessing finance remains a significant obstacle, whether for developing local technology, bridging knowledge gaps through training, or procuring goods and services in the sector.”
He added that in that context, “the establishment of a financial institution dedicated to renewable energy financing is a welcome development and should be supported.”
The proposed Green and Climate Finance Bank is being promoted by Quantum Partners Investment Services Ltd, a Nigerian investment firm that says it has already developed a comprehensive business plan and governance blueprint for the institution, in line with global best practices.
Dr. Samuel Brown, who represented the promoters at the briefing, painted a stark picture of Nigeria’s climate and energy realities. He said the country faces mounting environmental and developmental pressures, including flooding, desertification, food insecurity and persistent power deficits.
At the same time, he argued, Nigeria sits on enormous green investment opportunities that remain largely untapped.
According to Brown, data from the International Finance Corporation estimates that Nigeria’s climate investment opportunity could reach approximately $104 billion by 2030. The opportunities span renewable energy, climate-smart agriculture, green buildings, transportation and resilient infrastructure.
“Despite this potential, access to stable and affordable climate finance remains limited,” Brown said. “Nigeria’s climate commitments under the Paris Agreement and its Nationally Determined Contributions require substantial annual investment to meet adaptation and mitigation targets. As at today, existing financial institutions alone cannot bridge this financing gap.”
Nigeria is a signatory to the Paris Agreement and has submitted updated Nationally Determined Contributions (NDCs) outlining its targets for reducing greenhouse gas emissions and adapting to climate change impacts. Meeting those commitments, experts say, requires billions of dollars annually in public and private financing.
The promoters argue that the proposed bank is designed to address this structural gap by mobilising private and institutional capital through innovative risk-sharing mechanisms, while providing long-tenor and flexible financing tailored specifically for renewable energy and sustainable infrastructure projects.
Brown explained that beyond large-scale projects, the institution also intends to support micro, small and medium enterprises, women-led businesses and green entrepreneurs who are often excluded from conventional financing structures.
Another key objective, he said, is to strengthen Nigeria’s access to international climate funds and blended finance arrangements, which typically require strong institutional frameworks and compliance with environmental and social risk standards.
Quantum Partners Investment Services Ltd, he added, is working to establish a robust governance, risk management and operational framework for the bank. The blueprint, according to him, incorporates global standards on climate disclosure and environmental and social safeguards — key requirements for attracting development finance institutions and impact investors.
For the House Committee, the initiative fits into a broader legislative effort to deepen renewable energy deployment and crowd in private capital.
Ogene emphasised that the National Assembly remains committed to creating an enabling environment that encourages private sector participation and sustainable investment flows into Nigeria’s energy sector.
“This initiative is not merely about establishing another bank,” he said. “It is about building an important platform that can attract private capital, make green investments, create jobs for our young people, and strengthen Nigeria’s energy security.”
Nigeria’s energy security challenges remain acute. Despite being Africa’s largest oil producer, the country continues to grapple with chronic electricity shortages, with millions of households and businesses relying on diesel and petrol generators. Transitioning to cleaner, decentralised renewable energy systems is increasingly seen as both an environmental necessity and an economic imperative.
The proposed Green and Climate Finance Bank, supporters say, could become a catalytic institution — one capable of de-risking projects, aggregating smaller investments and crowding in global capital that currently bypasses Nigeria due to perceived risks.
The promoters disclosed that they are currently raising $15 million in founding capital. The funds, they said, will be used to secure regulatory approvals, establish core operations and digital infrastructure, and commence lending and project financing activities.
The target is to achieve an operational launch in early 2027.
Ogene also used the occasion to call on development finance institutions, sovereign wealth funds, pension funds, impact investors and forward-looking private investors to back the initiative.
He also stressed the importance of coordination between the executive arm of government, the legislature, the private sector and international development partners to ensure Nigeria does not lag behind in the global shift toward green and sustainable finance.
“This is an important moment,” he said. “Nigeria must not only participate in the global green transition; we must shape it in a way that serves our people, strengthens our economy, and secures our future.”