Climate Investment: Why Nigeria’s Low Spending is a Red Flag
By: Abudu Olalekan
Nigeria’s climate investment is in the spotlight, and it’s not looking good. The country only invested 19% of the $4.928 billion it received between 2015 and 2021. That’s a staggering amount of money, but the results? Not so impressive. Stakeholders are raising eyebrows, and rightly so.
The report, “The State of Climate Finance in Nigeria,” published in December 2024 by Connected Development (CODE) and Oxfam in Nigeria, laid it all out. The findings? A whopping 81% climate finance deficit. That’s a lot of money not being used effectively.
Imagine this: $4.928 billion flowing into the country over six years. That’s an average of $704 million annually and 118 projects each year. But where’s the impact? That’s the million-dollar question.
During a media parley organized by CODE with support from Oxfam in Nigeria on Tuesday, September 16, 2025, in Abuja, the room was buzzing. Participants were concerned, and for good reason. The implications of this deficit for Nigeria’s sustainable growth are huge.
Hyeladzira Msheila, the Acting CEO of CODE, didn’t mince words. She blamed the low climate finance investment on weak policy enforcement. But that’s not all. Most of the climate inflows into the country were loans, not grants. That’s a big problem, she said, because it has fundamental implications for meeting the nation’s climate objectives.
Msheila didn’t stop there. She called for a widespread public education campaign. She urged journalists and industry players to fill the current knowledge and information gaps. “Empower communities on how to deliver climate results,” she said. It’s a call to action that resonates loud and clear.
Greg Odogwu, a columnist for Reportersroom, weighed in. He said reporting on climate financing is sensitive and political. But the media has a vital role to play. “The media plays a crucial role in advancing climate finance in Nigeria by bridging the gap between complex financial negotiations and public understanding,” he stated.
He urged the organizers to collaborate with relevant stakeholders to strengthen the capacity of journalists and science communicators. It’s a challenge, but one that needs to be addressed head-on.
The event was packed with insightful papers on climate finance. Participants got a deeper understanding of the topic, and the interactive session was a hit. Questions were posed, and responses were given. The importance of bringing environmental journalists together was underscored. It’s about getting the best possible results, after all.
The purpose of this study? To help the public debate climate finance, climate action, and policy choices. It’s about decision-making on local and sub-national climate governance and the roles of civil society in monitoring climate funding in Nigeria.
Through investigative reporting, storytelling, and accountability journalism, the media ensures that climate finance is not just about global pledges. It’s about tangible solutions for Nigeria’s people. It’s about making a real difference.
But here’s the thing: this is just the beginning. The conversation needs to continue. Stakeholders need to keep pushing for better climate investment. The future of Nigeria depends on it.
