The Climate Finance Accelerator (CFA) Nigeria program, which is financed by the UK government, is now accepting submissions.
CFA Nigeria is a climate finance country platform created to mobilise funding for the nation’s just transition to a resilient, low-carbon economy in direct response to the urgency and severity of the climate catastrophe in Nigeria.
It specifically welcomed Nigerian project developers who are addressing the climate crisis. The online application must be completed by interested parties on or by February 17, 2023.
According to a statement by the British Government, interested project developers must be in the pre-feasibility stage and should be looking for investment of at least US$1 million with no maximum limit.
British Deputy High Commissioner in Lagos, Ben Llewellyn Jones, said, “I’m delighted that the Climate Finance Accelerator Nigeria is now open for applications from low-carbon projects. The private sector has the potential to play a large part in helping to meet Nigeria’s climate change commitments and I’m excited to see what innovative projects apply.
“The CFA has already seen great success globally and in Nigeria and it is fantastic that Nigerian projects will continue to receive bespoke support from technical and financial experts to help increase their chances of securing investment.
“The CFA builds on the UK’s climate leadership, as host of COP26 in Glasgow and is part of the UK’s commitment to supporting Nigeria’s transition to a prosperous low carbon future.”
In 2021–2022, CFA Nigeria built up a $445 million pipeline and worked closely with creative ideas to attract Nigerian and international financiers. CFA Nigeria plans to add two more requests for proposals this year to its pipeline.
According to Nigeria’s Nationally Determined Contribution, the projects are expected to be chosen from the following priority sectors: renewable energy, transportation, energy efficiency, residential, oil and gas, agriculture, forestry and land use, waste and the circular economy, water, and industrial processes.
Also, the Team Leader of CFA Nigeria, Uzo Egbuche said, “CFA Nigeria is recognised as a country platform capable of deploying blended finance and leveraging private finance at scale. We are proud to have established ourselves as an independent legal entity in 2022 able to serve our core clients of financiers, developers and of course the Federal Government
“We invite all developers in the climate economy seeking finance to join the pipeline as we begin this next chapter in 2023.”