African financial institutions have pledged to mobilise more than $100 billion for green initiatives, marking one of the continent’s boldest collective efforts to drive sustainable economic growth and secure a stronger position in the global climate economy.
The announcement came at the Africa Climate Summit in Addis Ababa, where institutions including the African Development Bank (AfDB), African Export-Import Bank (Afreximbank), and Ecobank outlined a joint strategy to scale up sustainable finance, harmonise regulatory frameworks, and leverage technical expertise.
The initiative is designed to accelerate renewable-powered industries, expand regional value chains, and establish Africa as a hub for sustainable trade. It also aims to address the continent’s energy financing gap. Despite holding 60% of the world’s solar potential alongside vast wind, hydro, and geothermal resources, Africa currently receives less than 3% of global energy investments.
For Nigeria, the $100 billion commitment offers opportunities to diversify its energy mix, reduce dependence on fossil fuels, and expand access to electricity. Large-scale solar farms and decentralised mini-grids could benefit from the funding, extending power to rural and underserved areas.
Clean transport projects, including compressed natural gas (CNG) infrastructure and electric vehicle adoption, also stand to gain. These investments align with ongoing national efforts to develop alternative fuels. Beyond energy and transport, the funding could strengthen green manufacturing, battery mineral processing, and renewable technology value chains. Climate-resilient agriculture is another priority, with the potential to enhance food security while reducing emissions.
The pledge complements Nigeria’s Energy Transition Plan, which targets universal energy access and net-zero emissions by 2060. It also builds on existing financing efforts such as the N50 billion Series 3 Sovereign Green Bond launched in June to support renewable energy, clean transportation, sustainable water management, and climate adaptation projects.
Earlier this year, Nigeria’s leadership appealed to global investors to back the country’s green initiatives, emphasising the need for partnerships to scale renewable energy and sustainable development. The new $100 billion commitment by Africa’s financiers signals a strong regional shift toward homegrown solutions and collaboration, setting the stage for the continent to move from energy deficit to green growth leader.
