UK Issues Proposal To Finance Nigeria’s Climate Program

UK Issues Proposal To Finance Nigeria’s Climate Program

The United Kingdom (UK) government has issued a request for proposals for its funded Climate Finance Accelerator (CFA) Nigeria program.

CFA Nigeria is a climate finance country platform that aims to mobilize finance for the country’s just transition to a resilient, low-carbon economy in response to the urgency and scale of the climate crisis in Nigeria.

It specifically invited Nigerian project developers to assist in addressing the climate crisis. Interested parties should apply by completing the online application by February 17, 2023.

According to a statement issued by the British Government, interested project developers must be in the pre-feasibility stage and seeking an investment of at least USD$1 million with no upper limit.

“I’m delighted that the Climate Finance Accelerator Nigeria is now open for applications from low-carbon projects,” said Ben Llewellyn Jones, British Deputy High Commissioner in Lagos.

“The private sector has the potential to play a significant role in assisting Nigeria in meeting its climate change commitments, and I’m excited to see what innovative projects apply.

“The CFA has already seen great success globally and in Nigeria and it is fantastic that Nigerian projects will continue to receive bespoke support from technical and financial experts to help increase their chances of securing investment.

“The CFA builds on the UK’s climate leadership, as host of COP26 in Glasgow and is part of the UK’s commitment to supporting Nigeria’s transition to a prosperous low carbon future.”

CFA Nigeria amassed a USD445 million pipeline in 2021-22 and worked directly with innovative projects to engage Nigerian and global financiers. CFA Nigeria intends to expand its pipeline this year with two additional calls for proposals.

According to Nigeria’s Nationally Determined Contribution, the projects will be chosen from the following priority sectors: renewable energy, transportation, energy efficiency, residential, oil and gas, agriculture, forestry and land use, waste and the circular economy, water, and industrial processes.

“CFA Nigeria is recognized as a country platform capable of deploying blended finance and leveraging private finance at scale,” said Uzo Egbuche, Team Leader of CFA Nigeria. We are proud to have established ourselves in 2022 as an independent legal entity capable of serving our core clients of financiers, developers, and, of course, the Federal Government.

“We invite all climate economy developers seeking finance to join the pipeline as we begin this next chapter in 2023.”

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