On November 15, 2023, the Japan International Cooperation Agency (JICA) signed a loan agreement with Access Bank Plc (Access Bank) of the Federal Republic of Nigeria for up to US$75 million to contribute to climate change measures in Nigeria, and held a signing ceremony on February 5, 2024. The signing ceremony was held on February 5, 2024. This project will be co-financed with the U.S. Agency for International Development Finance Corporation (USDFC) and Citigroup. (Note) This project is the first overseas investment and loan to a private financial institution in the Sub-Saharan region.
The Nigerian government signed the Paris Agreement in 2016 and ratified it the following year, setting greenhouse gas (GHG) reduction targets for the country to achieve by 2030 and promoting private sector involvement in efforts to combat climate change.
However, in order to achieve the above GHG reduction targets by 2030, it is estimated that $177 billion in investment will be required between 2021 and 2030, which cannot be covered by public investment alone, and will require support from development agencies and private sector funds. In addition, the Nigerian government has a policy of mobilizing private-sector funds from home and abroad to promote climate change countermeasures, particularly in the agricultural and energy sectors.
© Source JICA