FG meets Islamic Development Bank delegation to discuss investments in renewable energy projects in Nigeria 

The Director General of the Energy Commission of Nigeria (ECN), Dr. Mustapha Abdullahi, alongside the Honourable Minister of Innovation, Science, and Technology, Chief Geoffrey Uche Nnaji, engaged in a pivotal meeting with a delegation from the Islamic Development Bank (ISDB).

The focus of the discussions centered on securing climate finance and the necessary funding to drive the development of renewable energy projects across Nigeria.

During the meeting, key initiatives aimed at boosting Nigeria’s renewable energy capacity were discussed in detail.

Among the projects highlighted were the Clean Cooking Policy, a proposed solar photovoltaic (PV) plant, the establishment of a methanol plant, and plans for a green hydrogen plant. These initiatives align with Nigeria’s commitment to diversifying its energy sources while simultaneously addressing climate change challenges.

Dr. Abdullahi emphasized the importance of financing these capital-intensive projects through a mix of financial instruments, including bonds, grants, and equity participation. He underscored the need for significant investment to accelerate the transition towards sustainable energy solutions in the country. Recognizing the complexity and scale of the projects, he stressed the urgency of developing innovative funding mechanisms to make these initiatives a reality.

Minister commends Islamic Development Bank 

Chief Nnaji, in his remarks, welcomed the ISDB’s focus on supporting renewable energy solutions in Nigeria. He specifically highlighted the need for swift progress in advancing the commercialization of the clean cooking initiative.

• The Minister pointed out that clean cooking solutions would have a transformative impact on the health and economic welfare of millions of Nigerians, particularly women and children who are disproportionately affected by traditional cooking methods.
• Mr. Hammad Hundai, head of the ISDB delegation, expressed the Bank’s strong commitment to collaborating with Nigeria in advancing these critical energy initiatives.

He assured the Nigerian officials that the ISDB was fully supportive of the proposed projects and would work closely with the Energy Commission and the Ministry of Innovation, Science, and Technology to explore viable financial pathways to bring them to fruition.

More insights 

At the just-concluded 2025 Abu Dhabi Sustainability Week (ADSW), President Bola Tinubu highlighted Nigeria’s pioneering role in green project financing and reaffirmed his administration’s commitment to fostering an enabling environment for businesses.

“Nigeria became the first country in Africa to initiate funding of green projects through Sovereign Green Bond proceeds, the third issuance of which is in progress. We urge investors to partner with us in this regard. Our administration remains committed to providing an enabling environment for businesses to thrive in Nigeria,” Tinubu said.

“By partnering with global leaders and harnessing the power of technology, we are finding new and innovative ways to address our environmental challenges. We have arable agricultural lands for advanced technological farming, including a bright future for Artificial Intelligence,” he noted.

Nigeria embarked on its green finance journey in 2017 with the launch of its first-ever Sovereign Green Bond, making it the first African country to issue such bonds. The initiative aimed to raise approximately 10 billion Naira (about 28 million USD) to fund environmentally sustainable projects.