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Onuigbo unveils multi‑billion‑dollar climate investment opportunities as Nigeria courts global capital – EnviroNews
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Nigeria took centre stage at the London Climate Action Week 2026 as Sam Onuigbo – President of GLOBE Legislators, sponsor of Nigeria’s Climate Change Act 2021, and convener of the inaugural Nigeria Climate Investment Summit (NCIS) – delivered a compelling call for global investors to seize the vast climate‑aligned opportunities emerging across Africa’s largest economy.
Speaking at Mansion House in the City of London on June 23, 2026, Onuigbo framed the summit as a “strategic platform” designed to reposition Nigeria as a premier destination for green capital, while also correcting the long‑standing imbalance that leaves Africa with only 2% of global renewable energy investment despite holding over 30% of the world’s critical transition minerals.
Nigeria: A Climate Investment Frontier
Onuigbo emphasised that Nigeria’s demographic and economic trajectory makes it one of the most attractive green‑investment destinations globally. With a population projected to reach nearly 400 million by 2050 – and the broader African market expected to hit 2.5 billion – he argued that climate investments in Nigeria should be viewed not as national projects but as continental gateways.
“Investments in Nigeria’s climate sector would generate returns beyond its borders and provide access to a continental market,” he noted.
The country’s investment appetite is already evident. Nigeria’s 2025 Sovereign Green Bond was oversubscribed by 82%, while the Lagos State Green Bond saw a 97.7% oversubscription – clear signals of investor confidence.
Energy Access: A Massive Market Waiting to Be Unlocked
Nigeria’s energy deficit remains one of the world’s largest. More than 90 million Nigerians lack electricity access, accounting for 12% of the global energy access gap.
Yet Africa holds 60% of the world’s best solar resources but less than 1% of installed solar capacity – a mismatch Onuigbo described as “one of the largest renewable energy investment opportunities globally.”
Major global initiatives are already responding. The World Bank’s Mission 300 aims to mobilise $250 million to expand energy access, while the African Development Bank has pledged an additional $50 million.
Policy Reforms Fueling Investor Confidence
Onuigbo praised President Bola Tinubu’s administration for taking “far‑reaching and courageous” steps to strengthen Nigeria’s green economy. These include:
- Removal of fuel subsidy in 2023, reducing emissions
- Rapid expansion of electric vehicles, charging networks, and battery‑swapping systems
- Launch of the National Carbon Market Framework and National Carbon Registry
- Operationalization of the Climate Change Fund
- Amendments to the Electricity Act enabling states to independently regulate their electricity markets
Fifteen states have already transitioned to independent electricity regulation, opening the door for renewable mini‑grids and off‑grid solutions.
A $350 Billion Pathway to Net‑Zero
Nigeria’s NDC 3.0, submitted in 2025, outlines an ambitious pathway to net‑zero emissions by 2060. Achieving this will require nearly $350 billion in investment – much of which must come from international partners.
The National Carbon Market Framework alone is projected to unlock $2.5–3 billion annually over the next decade.
Sectoral Opportunities: From Clean Cooking to Green Industrialisation
Onuigbo highlighted several high‑growth sectors ripe for investment:
- Renewable energy and mini‑grids
- Climate‑smart agriculture, crucial for a sector contributing 24% of GDP
- Electric mobility, supported by zero‑duty import waivers
- Clean cooking, where 70–75% of Nigerians still rely on unsafe methods
- Carbon markets, leveraging Nigeria’s vast natural assets
- Pollution remediation and gas flare commercialisation, especially in the Niger Delta
He also spotlighted Nigeria Evergreen City – a proposed green industrial zone in Nasarawa State designed to leverage the country’s lithium reserves and position Nigeria as a hub for battery manufacturing and renewable technologies.
A Warning from History
In a striking analogy, Onuigbo recalled Nigeria’s telecoms liberalisation 25 years ago, when many global investors failed to the opportunity. African companies that took the risk became industry giants.
“Today, the same opportunity has presented itself in the green investment corridor. May the mistakes of the past not be repeated,” he cautioned.
A Call to Action
As panels throughout the summit explore renewable energy, sustainable infrastructure, carbon markets, and sub‑national opportunities, Onuigbo urged investors to engage deeply and strategically.
The NCIS, he stressed, is not ceremonial – it is a catalyst for unlocking Africa’s climate investment potential and advancing the African Union’s Agenda 2063 vision of a sustainable, prosperous continent.
“God bless you,” he concluded, welcoming participants to what he described as a pivotal moment for Nigeria’s green future.
Commenting on the event, he said: “This flagship event of London Climate Action Week aimed at catalysing climate finance flows and investments into Nigeria as a means of addressing our many challenges.
“I am happy that this event went very well and attracted serious participation from key stakeholders including the Deputy Speaker of the House of Representatives, Dr Benjamin Kalu; Governor Babajide Sanwo-Olu of Lagos State; the Governor of Enugu State ably represented by the Secretary to the State Government, Professor Chidiebere Onyia; High Commissioner of Nigeria to the United Kingdom, Ambassador Amin Dalhatu; Ms. Damilola Ogunbiyi, Special Representative of the UN Secretary-General, CEO, Sustainable Energy for All; Co-Chair, UN-Energy; Dr Tariye Gbadegesin, CEO, Climate Investment Funds; Mr. Pablo Vieira; Global Director, NDC Partnership; Mr. Mohammad Goni Alkali; Managing Director and CEO, North East Development Commission (NEDC) ably represented by Chief Frank Owhor; and many others.
“It was an important opportunity for us to further highlight the incredible opportunities in Nigeria and the work being done by President Bola Ahmed Tinubu to drive green investment. This is a beginning, but we already have made major plans to further drive action and support innovators and businesses.
“I thank Governor Babajide Sanwo-Olu for the big announcement about hosting a Lagos Climate Action Week in partnership with GLOBE Legislators, SOStainability and the conveners of the London Climate Action Week.”
Earlier in the day, Onuigbo had joined other high-level speakers as a panelist at the State of Climate Politics event organised by E3G at Mansion House. His intervention centred on the topic “Reframing climate action in the face of divided politics” where he shared his experience in building consensus to enact the Nigeria Climate Change Act which he believes has helped shape climate action within the country.
“I was joined on that panel by global leaders in the climate change space such as: Agnes Dasewicz, Chief Investment Officer, Global Energy Alliance; Jennie King, Non-Resident Fellow at Institute for Strategic Dialogue (ISD) and Centre for Climate and Security (CCS); Barbara Buffaloe, Mayor of Columbia, Missouri, USA; Joanne Yawitch, Head of the Just Energy Transition Project Management Unit (JET PMU); and Kate Hampton,CEO, The Children’s Investment Fund Foundation,” Onuigbo stated, adding:
“At a time like this with multilateralism under attack by current geo-politics, it is important to pay attention to what matters and strive to build consensus for action.”
