Lagos State Governor Babajide Sanwo-Olu has launched the Climate Defence and Catalytic Fund to mobilize private investment and strengthen Nigeria’s climate finance system.
Represented by Deputy Governor Obafemi Hamzat, Sanwo-Olu announced the fund on Friday at the Climate Finance Leadership and Recognition Ceremony in Victoria Island, Lagos. The event also marked the close of the maiden Climate Finance Preparedness Clinic.
The governor said the fund will provide catalytic capital, support project preparation, reduce investment risks, and accelerate climate-resilient development across Nigeria.
“Capital follows confidence, and confidence follows preparation,” he said. “The success of climate action depends not only on ambitious policies, but on credible institutions, technically sound projects, reduced investment risks and stronger public-private partnerships.”
Sanwo-Olu noted that Nigeria must prepare projects that meet investor expectations to attract long-term financing. He commended the Preparedness Clinic for building capacity among policymakers, regulators, financial institutions, project developers, and development partners.
“Its greatest contribution lies not simply in the conversations it has convened, but in the capacity it is helping to build,” he said.
He urged governments, financial institutions, development partners, and private investors to deepen collaboration to address the climate financing gap.
“Public resources alone will never be enough. The future demands blended finance, stronger partnerships and institutions capable of preparing projects that inspire investor confidence,” he added.
The governor also unveiled the Eco-Label Certification System to promote integrity in sustainability reporting and discourage greenwashing. The system will recognize organizations that demonstrate responsible environmental practices.
Special Adviser on Climate Change and Circular Economy, Titilayo Oshodi, said the clinic strengthened the systems linking policy, institutions, projects, data and investment. She said participants committed to improving governance frameworks and mobilizing more financial resources for climate action.
In his keynote, Victor Fodeke, co-founder and group managing director of Greenplinth Africa Ltd., called for more investment in project preparation and local financing mechanisms. He urged Lagos to position itself as Nigeria’s anchor jurisdiction for Article 6.4 carbon market transactions under the Paris Agreement.
“Africa did not lose because it lacked projects. It lost because it lacked the preparation layer that made projects bankable,” he said.
“Article 6 of the Paris Agreement gives us another opportunity, but only if we finance that missing layer ourselves.”
