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Nigeria: France announces over US$101.8 mln funding package to support climate program

Tuesday, 30 August 2022 13:55
Nigeria: France announces over US$101.8 mln funding package to support climate program

(Ecofin Agency) - A few years ago, Nigeria initiated an about 40-year energy transition program to achieve the United Nations Sustainable Development Goals. To implement that program, it is supported by several partners.   

France, through the French Development Agency (AFD),  announced Friday (August 26),  a more than US$101.8 million financing package to support Nigeria’s climate program. 

The package is made up of about a US$99.4 million credit line for the development of green finance and over a US$2.4 million grant for a technical assistance program aimed at “mainstreaming Climate Finance within BOI [Bank of Industry]’s strategy and operations.” 

The funding package was approved under the AFD’s program Transforming Financial Systems for Climate (TFSC) implemented in seventeen countries. According to Xavier Muron, AFD's Country Director in Nigeria, the new credit line opened under the US$650 million program is a key milestone towards the achievement of the Paris Agreement.  

The credit facility will focus on financing investments that contribute to climate change mitigation or adaptation, specifically projects focused on renewable energy, low carbon and efficient energy generation, climate-smart agriculture technologies, clean urban transportation, and others. [...] This Programme is timely since Nigeria is looking forward to launching its Energy Transition Plan,” an AFD release informs. 

According to Vice-President Yemi Osinbajo, the country will spend US$410 billion to implement the plan by 2060. On average, it needs US$10 billion yearly for the plan. Several partners have already pledged support, including the USA, which committed US$3 billion for its implementation. 

Jean-Marc Gogbeu

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