Nigeria Deepens Climate Financing Strategy as Minister Bagudu Hosts IMF Mission in Abuja
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, hosted the IMF-FAD Technical Assistance Mission on Climate Policy at the ministry’s headquarters in Abuja on Tuesday, October 28, 2025,where critical discussions were held on Nigeria’s evolving climate finance and policy landscape.
In his remarks, the Minister emphasized the Federal Government’s unwavering commitment to integrating climate action into both national and sub-national development plans.
“We are undertaking a comprehensive mapping of climate-related opportunities and challenges from the lowest levels of government,” Senator Bagudu stated. “This will help us understand the real issues on the ground and ensure that both our national plan and the plans by sub-nationals properly acknowledge and incorporate them.”
He further noted the enormous scale of climate challenges, underscoring the urgency for collaboration and innovative solutions.
“Although we have measures like the Ecological Fund—established by the Constitution to allocate a portion of federal revenue for environmental and ecological management across all levels of government,the gap remains large,” he explained. “In the long run, we will need hundreds of billions of dollars to effectively address challenges such as water scarcity, drought, flooding, and erosion.”
Senator Bagudu highlighted that significant spending is already being directed toward climate and climate-induced issues through various agencies such as the National Emergency Management Agency (NEMA) and corresponding state-level institutions. However, he stressed that the scale of investment required calls for strategic partnerships, innovative financing mechanisms, and increased private sector participation.
“We believe that much of this funding gap can be bridged through enhanced commercial activities and by leveraging emerging opportunities within the green economy,” the Minister added.
The meeting reaffirmed Nigeria’s strong commitment to building climate resilience, strengthening fiscal frameworks, and pursuing sustainable economic growth through coordinated policy action and global cooperation.
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