The House of Representatives has thrown its weight behind the establishment of Africa’s first Green and Climate Finance Bank in Nigeria.

Chairman of the House Committee on Renewable Energy, Afam Ogene, noted that if approved, the specialised bank will be the first of its kind on the African continent.

Ogene explained that the proposed institution is designed to finance renewable energy, climate-smart agriculture, green infrastructure and other environmentally sustainable projects across the country.

Proponents asserted that, although, Nigeria faces significant climate risks and energy deficits, it also possesses vast green investment opportunities the bank aims to unlock.

An initial capital of $100 million is currently being raised from both domestic and international investors to kick-start operations, subject to approval by the Central Bank of Nigeria.