Nigeria Positioned as Africa’s Green Investment Gateway, Onuigbo Tells Global Investors
Nigeria is positioning itself as a leading destination for global climate finance and a strategic gateway to Africa’s fast-growing green economy, according to the President of GLOBE Legislators and sponsor of the Climate Change Act 2021, Rt. Hon. Sam Onuigbo.
Speaking at the inaugural Nigeria Climate Investment Summit (NCIS) held at Mansion House in the City of London during the London Climate Action Week 2026, Onuigbo urged global investors to take advantage of Nigeria’s expanding climate investment landscape.
The summit, organised by Globe Legislators in partnership with SOStainability, brought together policymakers, investors and development partners to explore opportunities in renewable energy, carbon markets, sustainable infrastructure, agriculture and clean technologies.
Onuigbo said Nigeria’s size and strategic position within the African Continental Free Trade Area (AfCFTA) make it a natural entry point into a market of more than 1.3 billion people across Africa, with a combined GDP of over $3.4 trillion.
He noted that with Africa’s population projected to reach 2.5 billion by 2050 and Nigeria’s alone nearing 400 million, climate-related investments in the country have continental significance.
“Climate investments in Nigeria should be seen not just as access to a 230-million-person market, but as a gateway to Africa’s much larger and rapidly expanding economy,” he said.
Highlighting investor confidence, the former National Assembly member pointed to Nigeria’s 2025 Sovereign Green Bond, which attracted ₦91 billion in subscriptions against a ₦50 billion target, as well as the oversubscription of Lagos State’s Green Bond.
Onuigbo also drew attention to Nigeria’s energy access gap, noting that over 90 million citizens lack electricity. He said this challenge presents major opportunities in renewable energy, mini-grids and off-grid solutions, especially as Africa holds vast untapped solar potential but contributes less than 1 per cent of global solar capacity.
He commended President Bola Tinubu’s policies aimed at advancing the green economy, including subsidy removal, promotion of electric vehicles, the Presidential Compressed Natural Gas initiative, and the establishment of the National Carbon Market Framework and Carbon Registry.
According to him, Nigeria’s updated Nationally Determined Contributions (NDC 3.0) require about $350 billion in climate financing to achieve net-zero emissions by 2060, creating significant space for international investors and development partners.
He added that the National Carbon Market Framework alone is projected to unlock up to $3 billion annually in carbon finance over the next decade.
Onuigbo, who also sponsored the Climate Change Act 2021, said the legislation has strengthened Nigeria’s institutional framework for climate action through the establishment of the National Council on Climate Change.
He identified key investment areas including climate-smart agriculture, electric mobility, clean cooking solutions, carbon credit projects, and environmental restoration in the Niger Delta.
The summit convener also highlighted reforms in Nigeria’s electricity sector, noting that the Electricity Act 2023 now allows states to regulate their own electricity markets. He said 15 states have already transitioned to independent electricity regulation, opening new opportunities for renewable energy investments.
Onuigbo further warned that Nigeria risks significant economic losses from climate impacts such as flooding, erosion and desertification if adaptation investments are not scaled up.
Drawing a comparison with Nigeria’s telecoms liberalisation, he said early scepticism had given way to one of Africa’s most successful sectors and urged investors not to miss similar opportunities in the green economy.
“Today, the same opportunity has presented itself in the green investment corridor, may the mistakes of the past not be repeated.” he said
