African Guarantee Fund to Boost Nigerian Banks’ Green Finance Initiatives

The African Guarantee Fund (AGF) has joined forces with the Nordic Development Fund (NDF) to support Nigerian banks in enhancing their green finance portfolios and contributing to the Paris Agreement on Climate Change.

The collaboration aims to bridge the knowledge gap between financial institutions and their customers, while promoting the growth of green and climate-smart projects in the country.

The 9th Edition of the Green Finance Conference, held recently in Nigeria, provided a platform for stakeholders to discuss the role of Africa’s private sector in addressing climate change.

AGF Group Chief Executive Officer, Jules Ngankam, emphasized the importance of the conference in addressing the challenges posed by climate change and promoting sustainable development.

The Green Finance Conference highlighted the advantages of green SMEs in contributing to Nigeria’s economy while strengthening the understanding of AGF’s Green Guarantee Facility.

This facility enables banks to on-lend to green and climate-smart projects, fostering environmental sustainability and climate resilience.

NDF Managing Director, Satu Santala, reiterated the organization’s commitment to financing green and inclusive low-carbon and climate-resilient growth of African economies.

The collaboration between AGF and NDF is a significant step towards achieving the Paris Agreement’s goals and ensuring a sustainable future for Nigeria and the African continent.

As the partnership between AGF and NDF strengthens, it is expected that Nigerian banks will be better equipped to develop and improve their green portfolios.

This, in turn, will contribute to the country’s efforts in mitigating the effects of climate change and promoting sustainable development.