The UK government has opened a call for applications for its funded Climate Finance Accelerator (CFA) Nigeria programme.
CFA Nigeria is a platform for climate finance that aims to raise money for the nation’s just transition to a resilient, low-carbon economy in order to directly address the urgency and severity of the climate catastrophe there.
The UK government specifically invited project developers in Nigeria helping to tackle the climate crisis to apply for the programme. Interested persons are to apply by completing the online application on or before the 17th of February 2023.
Read also: DAVOS 23: OPEC Chief says oil is irreplaceable
According to a statement by the British Government, interested project developers must be in the pre-feasibility stage and should be seeking investment of at least USD$ 1 million with no upper limit.
British Deputy High Commissioner in Lagos, Ben Llewellyn Jones, said, “I’m delighted that the Climate Finance Accelerator Nigeria is now open for applications from low-carbon projects. The private sector has the potential to play a large part in helping to meet Nigeria’s climate change commitments and I’m excited to see what innovative projects apply.
“The CFA has already seen great success globally and in Nigeria and it is fantastic that Nigerian projects will continue to receive bespoke support from technical and financial experts to help increase their chances of securing investment.
“The CFA builds on the UK’s climate leadership, as host of COP26 in Glasgow and is part of the UK’s commitment to supporting Nigeria’s transition to a prosperous low carbon future.”
CFA Nigeria built up a pipeline worth USD 445 million in 2021–2022, and it worked closely with creative initiatives to attract Nigerian and international lenders. CFA Nigeria wants to increase its pipeline this year by issuing two more requests for bids.
The projects are expected to be selected from Nigeria’s priority industries, which include renewable energy, transportation, energy efficiency, housing, oil and gas, agriculture, forestry and land use, waste and the circular economy, water, and industrial processes.
The Team Leader of CFA Nigeria, Uzo Egbuche said, “CFA Nigeria is recognised as a country platform capable of deploying blended finance and leveraging private finance at scale. We are proud to have established ourselves as an independent legal entity in 2022 able to serve our core clients of financiers, developers and of course the Federal Government
“We invite all developers in the climate economy seeking finance to join the pipeline as we begin this next chapter in 2023.”
Story was adapted from Channels.
