By Abuja, Nigeria
The House of Representatives has thrown its weight behind the proposed establishment of the Green and Climate Bank of Nigeria.
The Chairman of the House Committee on Renewable Energy, Afam Ogene, disclosed this at a joint briefing with the Quantum Partners and promoters of the bank in Abuja on Wednesday.
Speaking at the briefing, founders of Quantum Partners and the promoters of the Green Climate Bank, Dr. Oluwafemi Adedipe said the bank is designed to mobilise capital for Nigeria’s transition to a low carbon, green economy.
“The Green and Climate Finance Bank will serve as a platform that bridges the space between green projects in Nigeria and capital markets globally. It will provide flexible financing tailored specifically to renewable energy developers, sustainable agricultural enterprises, green infrastructure projects and other climate-aligned small and medium businesses. Our objective in proposing this bank is simple but is also quite ambitious.”
He added that the initiative is to attract private capital at scale while delivering measurable environmental and social impacts.
“To do this right, like we all know this is a regulated industry, we have spent months building a world-class foundation, including a comprehensive business plan and operating model. We have also engaged with regulators, development partners, and institutional stakeholders.”
Also speaking, co-founder of Quantum Partners and promoters of the bank, Dr. Samuel Ndubuisi-Brown revealed that their immediate next step is to raise US$100 million in founding capital. He disclosed that the bank is about building institutional capacity for the future.
“We believe that sustainable finance is the future of banking. As we may all know, capital markets globally are shifting towards green and climate-allied investment. We believe that institutions that adapt early will find the next era of economic growth. Ultimately, this bank is also about local ownership. We believe Nigeria should not wait for international aid.”
