Governor Babajide Sanwo-Olu of Lagos State has launched the Climate Defence and Catalytic Fund, describing it as a strategic initiative aimed at attracting private investment and strengthening Nigeria’s climate finance system to support sustainable development.
Speaking through the Deputy Governor, Dr. Obafemi Hamzat, at the Climate Finance Leadership and Recognition Ceremony in Victoria Island, Lagos, Sanwo-Olu said the fund would mobilise catalytic capital, support the preparation of climate projects, reduce investment risks and accelerate climate-resilient development across the country.
The event also featured the official launch of the Climate Defence and Catalytic Fund and the closing ceremony of the maiden Climate Finance Preparedness Clinic.
According to the governor, the fund is more than a financing mechanism, noting that it will serve as a platform for transforming climate-related ideas into viable, investment-ready projects capable of attracting both local and international investors.
He stressed that investor confidence depends on the availability of credible institutions, technically sound projects and effective public-private partnerships.
Sanwo-Olu commended the Climate Finance Preparedness Clinic for enhancing the capacity of policymakers, financial institutions, regulators, project developers and development partners to prepare commercially viable climate projects.
He urged governments, development partners, financial institutions and private investors to work together to close Nigeria’s climate financing gap through innovative funding models and stronger collaboration.
The governor noted that public resources alone would not be sufficient to meet the country’s climate goals, emphasising the need for blended financing and institutions capable of developing projects that inspire investor confidence.
Sanwo-Olu also unveiled the Eco-Label Certification System, describing it as a major step toward promoting transparency and accountability in environmental sustainability while discouraging greenwashing by organisations.
He said the certification programme would recognise organisations that demonstrate responsible environmental practices, adding that credibility and accountability remain critical to attracting investment.
According to him, the Climate Finance Preparedness Clinic, the Climate Defence and Catalytic Fund and the Eco-Label Certification System together form a strong institutional framework that will improve project preparation, boost investor confidence and mobilise the capital needed to build resilient communities and sustainable economies.
Earlier, the Commissioner for Economic Planning and Budget, Mr. Mosopefolu George, represented by the Special Adviser on Economic Planning and Budget, Mr. Lekan Balogun, described climate finance as essential to Nigeria’s long-term economic growth and sustainable development.
He called for stronger collaboration among governments, businesses and development partners to unlock climate investment opportunities and strengthen resilience across the country.
Also speaking, the Special Adviser to the Governor on Climate Change and Circular Economy, Mrs. Titilayo Oshodi, said the preparedness clinic had strengthened the link between policy, institutions, investment and project development, while participants committed to improving governance frameworks and mobilising greater financial resources for climate action.
In his keynote address, Co-founder and Group Managing Director of Greenplinth Africa Ltd., Mr. Victor Fodeke, urged increased investment in project preparation and local financing mechanisms.
He also called on Lagos State to position itself as Nigeria’s leading jurisdiction for Article 6.4 carbon market transactions under the Paris Agreement, stressing that Africa must invest in making climate projects bankable to fully benefit from emerging global carbon markets.
