In a significant move to accelerate Nigeria’s clean energy transition and climate finance agenda, the Development Bank of Nigeria (DBN) has officially launched the ‘Green Declaration,’ a strategic framework designed to mobilize sustainable investments and foster inclusive economic growth across the country.
The ‘Green Declaration,’ unveiled at a high-profile ceremony in Lagos on Wednesday, brought together key stakeholders from the financial sector, government agencies, development partners, and private institutions. This collective commitment aims to transform Nigeria’s approach to climate finance by positioning green investment as a lucrative economic opportunity rather than a regulatory challenge.
Speaking at the event, DBN’s Managing Director, Tony Okpanachi, emphasized that the declaration represents “a call to action and not mere imposition of obligations.” He underscored the urgency of Nigeria’s energy transition, highlighting the need to reduce reliance on fossil fuels and embrace renewable energy sources to combat climate change effectively.
“The global focus on energy transition is an opportunity for Nigeria to diversify its energy mix, create jobs, reduce environmental pollution, and foster a sustainable future for all citizens,” Okpanachi said. “Through strategic climate-smart investments, we can build a resilient economy that supports both growth and environmental stewardship.”
The Green Declaration aligns closely with Nigeria’s Nationally Determined Contributions (NDCs) under the Paris Agreement, calling for coordinated action to channel financial flows into projects that reduce greenhouse gas emissions and promote sustainable development. By leveraging public and private capital, multilateral funds, and community-based initiatives, the declaration seeks to bridge the funding gap that has historically hindered Nigeria’s energy transition efforts.
Notably, the declaration emphasizes inclusivity by ensuring women, youth, rural entrepreneurs, and underserved communities gain access to climate finance, thereby supporting socio-economic empowerment alongside environmental goals.
Key Pillars of the Green Declaration
Climate-Smart Investments: Encouraging funding for projects that reduce carbon footprints and protect natural ecosystems.
Financial Inclusion: Expanding access to green finance for marginalized groups and innovative entrepreneurs.
Regulatory Support: Advocating for policies that facilitate clean energy development and environmental sustainability.
Institutional Realignment: Leading by example through organizational commitment to climate goals within signatory institutions.
The launch ceremony featured prominent representatives from Sterling Bank, Stanbic IBTC, the Green Climate Fund, the African Development Bank, the World Bank, and the Central Bank of Nigeria, among others. These institutions signed a commemorative board pledging their commitment to the Green Declaration, symbolizing unified action to drive Nigeria’s climate finance ecosystem forward.
The board will be permanently displayed at the DBN headquarters as a reminder of the shared responsibility to foster a greener Nigeria.
Nigeria faces mounting environmental risks as average global temperatures have risen by 1.2°C since the industrial revolution. Consequences such as floods, droughts, and socio-ethnic conflicts disproportionately impact vulnerable communities and threaten economic stability.
Okpanachi stressed that effective financial mechanisms are critical to enabling projects that enhance climate resilience, reduce emissions, and promote sustainable practices nationwide.
“With the right investments, Nigeria can harness its vast renewable energy potential, support clean technology innovation, and create a green economy that benefits all sectors,” he said.
The DBN’s Green Declaration marks a pivotal moment for Nigeria’s climate finance journey. By fostering collaboration among government, private sector, and international partners, the initiative aims to catalyze transformational change in how Nigeria finances its energy future.
As the world intensifies efforts to combat climate change, Nigeria’s strategic adoption of the Green Declaration signals a proactive commitment to sustainable growth, climate resilience, and environmental responsibility.