The minister of finance, Wale Edun, has called on Nigerians to join hands with the federal government in developing the nation’s economy.
Mr Edun made the call during the launch of a Guide for Accessing Climate Finance — a practical toolkit designed to help eco-friendly businesses unlock investment and access global climate finance.
The event was held as a side session of the 31st Nigerian Economic Summit (NES), with the theme “Unlocking Climate Finance for Sustainable Growth”.
The launch was supported by the Partnership for Agile Governance and Climate Engagement (PACE), a United Kingdom-funded programme, in collaboration with the federal ministry of budget and economic Planning and the UK International Development.
Mr Edun urged young Nigerians to take advantage of emerging opportunities under the leadership of President Bola Tinubu, noting that the current administration had created a level playing field for all.
“Everybody can now participate. The biggest opportunity of the moment is in climate. The country has changed; it is no longer a place where you need to have connections.
“The best way to get ahead now is to identify distortions in the economy, address them, and take advantage of opportunities within the rules of the day,” he said.
The minister observed that the global economy was becoming less empathetic and more inward-looking, making it crucial for developing nations to align with new models of financing for growth.
“In order to meet the Sustainable Development Goals (SDGs), the world needs to spend about five trillion dollars annually between now and 2030.
“We know that the 100 billion dollars promised annually to developing countries for climate action has not been fully met.
“In the Ministry of Finance, we have established a Green Growth Office and Facility to align with global financing trends that support job-producing, growth-oriented projects.
“There is no point being on a different page from the rest of the world,” he said.
Earlier, Ifeanyi Ugwuoke, national team lead of PACE, said climate change was an existential issue that required consistent and accessible financing.
He said funds must be made available in a manner that enables both government and eco-friendly businesses to invest in critical infrastructure and initiatives to strengthen Nigeria’s response to climate change.
“We developed the Guide to Accessing Climate Finance to highlight the various funds available for governments and green businesses to tap into,” he said.
Also speaking, Basil Obasi, public financial management adviser at PACE, said the programme aimed to raise awareness among state governments about available opportunities in the climate finance space.
“We are supporting climate governance and public sector reforms.
“Our goal is to show states what resources exist that they are not accessing, and to encourage them to take action.
“Linking projects to green growth and community economics will help them attract funds, create green jobs, and boost development,” he said.
Cynthia Rowe, head of development cooperation at the British High Commission, said Nigeria has the potential to lead Africa’s green revolution and urged the country to harness every available opportunity.
“The UK Government has a strong relationship with Nigeria. We have decades of partnership in development and people-to-people ties.
“One of our goals is to serve as a catalyst for Nigeria’s development. Climate finance is a pathway for Nigeria to take control of its own development and destiny.
“Climate issues are a major concern for Nigeria, and we are committed to supporting its efforts to address them,” she added.
(NAN)