Nigeria’s economy is extremely vulnerable to the impacts of climate change due to a high exposure to sectors such as agriculture, transportation, and oil and gas. Results of the Nigeria Green Tagging Banking Review indicate a majority of bank lending is to assets in carbon-intensive sectors.

This discussion group aims to support a dialogue between public and private financial stakeholders in Nigeria towards establishing climate-related financial monitoring and disclosure in Nigeria. This would enable financial institutions in the country to accurately and transparently report their financial footprint to regulators. Such action would build towards aligning Nigeria’s financial system with the country’s climate-related risks and Nationally Determined Contribution (NDC) commitments.

Discussion group focus areas will include climate-related risk exposure, reporting, and disclosure; adoption of international climate finance recommendations (e.g., TCFD); climate finance capacity building; public-private climate finance coordination; and green bond issuance.