Finance and sustainability executives are calling for deeper collaboration among regulators, investors, and private sector players to accelerate the growth of sustainable financing and drive Nigeria’s long-term economic expansion.
The call came during a session hosted by RMB Nigeria at the 31st Nigerian Economic Summit (NES#31), themed “Funding the Future: Sustainable Financing as a Growth Engine.” The discussion focused on how innovative financing tools and long-term partnerships can help bridge Nigeria’s infrastructure and climate funding gaps.
Bayo Ajayi, chief executive officer of RMB Nigeria, said finance must evolve from merely supplying liquidity to catalysing transformation. “Every naira deployed should build industries, empower communities, and safeguard our environment,” he said.
Patience Oniha, director-general of the Debt Management Office (DMO), in her keynote address, highlighted Nigeria’s pioneering role in Africa’s green finance market. The country became the first on the continent to issue a sovereign green bond in 2017 and has since raised N75.69 billion in three tranches to support renewable energy, clean transport, and afforestation projects.
Oniha acknowledged the hurdles in scaling sustainable finance, including limited investor participation and complex issuance processes. She said the DMO is working with the World Bank to develop a revised environmental, social, and governance (ESG) framework to attract more local and international investors.
A panel session moderated by Adaobi Onanuga, vice president, Debt Financing Solutions at RMB Nigeria, featured industry leaders including Kolapo Joseph of North South Power, Eniola Akinsete of the Bank of Industry, Yewande Adewusi of Alitheia Capital, Chidi Iwuchukwu of RMB Nigeria, and Nana Maidugu of the Nigeria Sovereign Investment Authority (NSIA).
Panelists called for blended finance, project de-risking, and stronger governance frameworks to mobilise capital at scale. They noted that Africa attracts only about 3 pecent of global sustainable finance flows, despite its vast potential and growing climate adaptation needs.
Closing the session, Ajayi underscored the urgency of coordinated action. “Sustainable financing is the bridge between ambition and execution,” he said. “It is the key to ensuring our growth is fast, fair, and enduring.”