How far can $75m go towards building Nigeria’s climate change resilience?
Although Nigeria has long been known for flaring its gaseous waste material, the country over the last couple of years can be seen to be making some efforts to curb this.
![With the $75million loan to Access Bank, innovative companies who are building the capacity to aid the transition from fossil fuel now have the room to do more. [Freepik]](https://meiza.ng/wp-content/uploads/2024/02/With-the-75million-loan-to-Access-Bank-innovative-companies-who-are-building-the-capacity-to-aid-the-transition-from-fossil-fuel-now-have-the-room-to-do-more.-Freepik-e1707317152894.png)
The will seems to be there when it comes to limiting the spread of greenhouse gases in Nigerian cities, it is just the finance to build climate change resilience that is currently lacking.
Being a signatory to the Paris Agreement treaty, Nigeria’s burden since September 2016 when it entered the pact has been how to transition away from a fossil fuel-based country to running on renewable. And so, a $75million loan facility given by the Japan International Cooperation Agency (JICA) to Access Bank can be said to be critically crucial.
On Monday, 5 February 2024, JICA and the top Nigerian commercial bank took part in a ceremony to mark entering into the partnership.
A statement released by the Japanese development partner confirmed that the funds are to be used for (renewable energy) and energy-saving projects in Nigeria, as well as for agricultural projects that contribute to climate change measures, which households and businesses desperately need to benefit from.
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Recent Conference of the Parties (COP) summits, the latest held in Dubai, the United Arab Emirates between November and December 2023, have been mostly making promises regarding the financing meant to go to developing countries that are the least contributors to a rapidly warming planet.
Although Nigeria has long been known for flaring its gaseous waste material, the country over the last couple of years can be seen to be making some efforts to curb this.
With the $75million loan to Access Bank, innovative companies who are building the capacity to aid the transition from fossil fuel now have the room to do more.
By providing Access Bank with funding, says the Japan International Cooperation Agency statement, this project aims to finance private companies that are engaged in renewable-energy and energy-saving projects in Nigeria, as well as agriculture-related projects that contribute to climate change measures, and thereby to support the promotion of climate change mitigation and adaptation in the country.
At the UN Climate Change Conference in Glasgow (COP26) held in 2021, Nigeria’s former president Muhammadu Buhari had the vision to unburden his country from the culpability of being a carbon emitter over four decades.
This means that the country is looking to reach a net zero emission target by 2060. The vast renewable energy resources within its reach will lay the ground to actualising this.
Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.
