Nigeria to take $70bn of the IFC’s $1trn

Nigeria will receive around $70 billion, or 7% of the $1 trillion climate change investment opportunity coming to Africa, according to the International Finance Corporation (IFC), a division of the World Bank Group.

This was revealed by Temilola Sonola, the IFC’s EDGE and Green Building Market Transformation Programme Contact for Lagos, during her presentation at a roundtable session she recently attended in Lagos.

This came at a time when real estate experts and corporations were being asked to take into account the demands of the 85% of Nigerians who are under the age of 50 while creating building structures since they will make up the majority of the market’s customers in the present and the future.

Sonola, who discussed “Revolutionary Ideas in Real Estate,” claimed that a recent IFC research revealed that investments in climate change have a potential value of about $24.7 trillion, with Africa receiving a $1 trillion part of it.

She clarified that the World Bank and IFC base their financing decisions on climate change, which is currently the most important factor under consideration. She claimed that the IFC and the World Bank were interested in talking about climate change because it was a significant issue and because they thought it would help them carry out their mission of assisting in the eradication of poverty.

The IFC chief said she was pleased that Lagos State was one of the progressive governments with a strong climate-smart strategy and added that they had been collaborating with the state on adopting green buildings and the building energy efficiency programme over time.