Baku, Azerbaijan — In a groundbreaking development for Nigeria’s financial landscape, the Development Bank of Nigeria Plc (DBN) has officially signed the Accreditation Master Agreement (AMA) with the Green Climate Fund (GCF) during the ongoing 29th Conference of the Parties (COP29) in Azerbaijan. This historic agreement positions DBN as the first Direct Access Entity (DAE) in Nigeria, allowing it to serve as an Accredited Entity for the disbursement of funds for GCF-approved projects.
The signing ceremony, led by DBN’s Managing Director and CEO, Dr. Tony Okpanachi, marks a significant milestone in the bank’s mission to drive sustainable climate action and promote green finance initiatives across the nation. With this accreditation, DBN is set to play a pivotal role in advancing Nigeria’s climate goals and supporting projects that align with the GCF’s mandate to assist countries in mitigating and adapting to climate change.
Dr. Okpanachi expressed his enthusiasm about the achievement, stating, “This accreditation is a testament to DBN’s dedication to fostering sustainable development in Nigeria. We are committed to facilitating access to climate finance that will empower local projects and drive impactful change in our communities.”
The GCF, established to support the efforts of developing countries to respond to climate change, provides financial assistance for projects that aim to reduce greenhouse gas emissions and enhance climate resilience. As an Accredited Entity, DBN will now have direct access to GCF resources, enabling it to fund a variety of climate-related initiatives, including renewable energy projects, sustainable agriculture, and infrastructure development.
This achievement comes at a critical time as Nigeria grapples with the impacts of climate change, including increased flooding, desertification, and erratic weather patterns. By securing this accreditation, DBN is poised to mobilize significant financial resources to support the country’s transition to a low-carbon economy and promote sustainable practices.
The announcement has been met with enthusiasm from stakeholders in the climate finance sector, who view DBN’s accreditation as a crucial step towards enhancing Nigeria’s capacity to access international climate funds. It also reflects a growing recognition of the importance of local financial institutions in addressing climate challenges.
As COP29 continues, DBN’s achievement serves as an inspiring example of how national entities can successfully engage with global climate initiatives, paving the way for more robust partnerships and innovative solutions to combat climate change in Nigeria and beyond.
