Nigeria Must Turn Energy Policies into Bankable Projects, Presidency Urges

Nigeria's Presidency is pushing for the nation to convert its energy transition policies and climate commitments into concrete, "bankable" projects capable of drawing in the substantial investment required to overhaul the country's energy sector. Ibrahim Shelleng, Senior Special Assistant to the President on Climate Finance and Stakeholder Engagement at the National Council on Climate Change (NCCC), stressed this point at the Sustainable Energy Summit in Abuja.

The summit, themed "Financing Nigeria’s Energy Future: Closing the Gap Between Policy Commitment and Investment," convened officials, development partners, and civil society to explore how Nigeria can bridge the divide between its stated energy policies and the actual flow of investment. Shelleng noted that while Nigeria possesses the necessary policies, resources, and opportunities, it struggles to reliably connect policy intentions with projects that can attract capital.

“

What we still lack is a sufficiently reliable bridge between policy commitments and investable transactions. And that is the gap we must now close.

Nigeria's Energy Transition Plan estimates a need for approximately $1.9 trillion to reach net-zero emissions by 2060. Shelleng reframed this figure not as a burden, but as a significant investment opportunity across various sectors, including renewable energy, gas infrastructure, and electric mobility. However, the core challenge lies in attracting sufficient global capital to viable Nigerian projects at affordable rates and within reasonable timelines.

Shelleng elaborated that investors require detailed feasibility studies, proven demand, permits, land documentation, and robust financial models before committing funds. He identified several deterrents to investment, including regulatory uncertainty, fragmented institutions, currency risks, inflation, and a lack of long-term local financing. To address this, he suggested that public and concessional funds should be strategically used to de-risk projects and attract private capital, particularly for early-stage development and underserved markets.

“

An inspiration is not yet an investment opportunity. A policy announcement is not a bankable project.