FG targets $500m climate investment, approves N83.2bn – Keyamo

Federal Government has reiterated its commitment to strengthening the country’s weather forecasting and climate resilience systems, targeting $500 million in climate-related investments and approving N83.2 billion for interventions to mitigate flooding and other climate-related emergencies.

Minister of Aviation and Aerospace Development, Festus Keyamo, said this at the 2026 Annual Meeting of the Alliance for Hydromet Development in Lagos.

Keyamo said the initiatives were part of efforts to strengthen the country’s capacity to anticipate weather-related disasters, protect lives and investments, and support sustainable economic development.

He said: “Federal government has developed mechanisms for mobilising domestic and international resources for climate-related investments, including the Nigerian Climate Investment Platform, which was established to help unlock substantial financing in this regard, targeting $500 million for climate-related infrastructure, adaptation and other policy areas.

“The accreditation of the Nigerian Social Investment Authority as a direct access entity to the Green Climate Fund also represents an important development in strengthening Nigeria’s capacity to access and deploy international climate finance. In addition, the Development Bank of Nigeria is working to strengthen its institutional capacity to assess climate finance opportunities, while federal government continues to explore green bonds, carbon market mechanisms and other innovative financing instruments.

“Specifically, government has approved a national carbon market framework and the operationalisation of a climate change fund. Similarly, in June 2026, the National Economic Council approved N83.2 billion for participatory action task force interventions aimed at mitigating the anticipated impact of flooding and other climate-related emergencies across the country. These developments are significant, as climate finance must ultimately translate into projects that address real developmental issues.”

He added that government was also exploring green bonds, carbon market mechanisms and other innovative financing instruments to improve access to climate finance.

He said: “We must therefore recognise hydrometeorological services as critical national infrastructure. Sustained investment in weather, water and climate services is necessary to protect lives, safeguard investments and support informed decision-making.”

Keyamo said NiMet’s Seasonal Climate Prediction had continued to contribute to national preparedness and planning, enabling relevant authorities to take preventive measures before weather hazards developed into disasters.

On the role of the private sector, Keyamo said government could not shoulder the entire responsibility for financing and delivering weather, water and climate services.

He said: “Federal government cannot, and should not, bear the entire responsibility for financing and delivering every component of the weather, water and climate information ecosystem.”

He called for greater private-sector participation in aviation, satellite services, insurance, agriculture, energy, telecommunications, financial services and data analytics, noting that such partnerships could bring additional capital, technology and innovative approaches to service delivery.