By Adedapo Adesanya
FSD Africa has joined other stakeholders to call for more participation from the private sector in raising funds for sustainable projects in Nigeria.
Nigeria, Africa’s largest economy, has demonstrated remarkable resilience and substantial growth despite the challenges posed by the COVID-19 pandemic and macroeconomic constraints.
However, maintaining this growth momentum and promoting economic development requires innovative financing solutions and the attraction of climate-smart and private investments.
Speaking at FSD Africa’s Capital Markets round table event in collaboration with the Pension Fund Operators’ Association of Nigeria (PenOp), the Chief Executive Officer of FSD Africa, Mr Mark Napier, noted that the firm was committed to sustainable development and playing a frontier role in stimulating demand as well as deepening engagement in Nigeria.
He called on operators in the financial markets to look inward at many climate funding instruments that they invest in, adding that FSD Africa will be willing to support such programmes.
“All things are possible in Nigeria. We noticed that there are genuine opportunities for things to happen. There is a will to do things differently, and this is a great place for us to do things we do.
“We are looking to significantly boost the role of the private sector in climate finance. There is a $30 billion financing, and currently, about $4 billion is from the African continent, while less than $2 billion is private capital.
“We believe that there are opportunities present in the domestic capital markets in mobilising long-term capital for sustainable financing in Nigeria. We will help create the partnerships and collaborations.”
On her part, Ms Sally Woolhouse, Head of Economic Development (Nigeria), the UK’s Foreign, Commonwealth and Development Office (FCDO), said the British government was playing its role in ensuring that its partnership with the country extends to climate funding with a focus on clean agriculture, climate change, and biodegradation among others.
Adding his input, the CEO of PenOp, Mr Oguche Agudah, said there is a need for new, sustainable models that will factor in the primary interest of all stakeholders.
He said, “Capital needs to be deployed in a way that tackles these climate challenges and satisfies those who need them and those who manage them.
“There has to be efficient distribution because the capital market needs to work this way because the problems of today are different from that of the past. It is thus important to resolve the problems of today.”
He then challenged other stakeholders in other institutions to create value for everyone in the country.
Modupe Gbadeyanka