The Nigerian government has held discussions with a delegation from the Islamic Development Bank (ISDB) to explore investment opportunities in renewable energy projects.
The meeting, attended by the Director General of the Energy Commission of Nigeria (ECN), Dr Mustapha Abdullahi, and the Honourable Minister of Innovation, Science, and Technology, Chief Geoffrey Uche Nnaji, focused on securing climate finance and sustainable funding for Nigeria’s clean energy transition.
During the talks, key initiatives aimed at enhancing the country’s renewable energy capacity were reviewed. These included the Clean Cooking Policy, a proposed solar photovoltaic (PV) power plant, the development of a methanol plant, and the establishment of a green hydrogen facility. These projects align with Nigeria’s broader strategy to diversify its energy mix while tackling the challenges posed by climate change.
Dr Abdullahi underscored the importance of mobilising substantial funding through a combination of financial instruments such as bonds, grants, and equity investments.
Given the capital-intensive nature of these initiatives, he stressed the urgency of securing innovative financing solutions to accelerate Nigeria’s transition towards sustainable energy.
Minister Nnaji welcomed the Islamic Development Bank’s willingness to support Nigeria’s renewable energy agenda, highlighting the need for swift action in advancing the clean cooking initiative.
He emphasised that access to clean cooking technologies would have far-reaching benefits for millions of Nigerians, particularly women and children who continue to rely on traditional and hazardous cooking methods.
Speaking on behalf of the ISDB delegation, Mr Hammad Hundai reaffirmed the bank’s dedication to collaborating with Nigeria on these energy initiatives.
He assured government officials that the ISDB was fully committed to supporting the projects and would work closely with the Energy Commission and the Ministry of Innovation, Science, and Technology to explore viable financing options to bring them to fruition.
At the recently concluded 2025 Abu Dhabi Sustainability Week (ADSW), President Bola Tinubu reaffirmed Nigeria’s leadership in green project financing and its commitment to fostering a business-friendly environment.
He highlighted the country’s pioneering role in sustainable finance, noting that Nigeria was the first African nation to launch a sovereign green bond to fund environmentally friendly projects.
The President further emphasised Nigeria’s potential in technology-driven sustainability initiatives, pointing to opportunities in advanced agricultural technology, artificial intelligence, and clean energy.
Nigeria began its green finance journey in 2017 with the launch of its first-ever sovereign green bond, raising approximately 10 billion naira (around $28 million) to support sustainable environmental projects.
The country remains committed to expanding its clean energy investments through strategic partnerships with global financial institutions such as the ISDB.
