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Sterling Bank is seeking international funding and investment partnerships for climate-related projects in Lagos and Ondo states as part of efforts to tackle environmental challenges and promote sustainable development.
The bank is taking part in the 31st United Nations Climate Change Conference (COP31), holding from November 9 to 20 in Antalya, Türkiye, where it will work with both state governments to attract investors and development finance institutions.
In Lagos, the bank is supporting an investment drive targeting between $25 billion and $50 billion for more than 300 climate-related projects covering renewable energy, waste management, sustainable transport, agriculture and climate-resilient infrastructure.
A major highlight will be the Lagos Climate Investment Day on November 13, where the state government will present its proposed projects to international investors and financial institutions to secure funding and partnerships.
Sterling Bank will provide financing expertise and explore ways of making the projects attractive to private investors.
In Ondo State, the bank is supporting the Ondo State Oil Producing Areas Development Commission (OSOPADEC) to attract international assistance for coastal communities in Ilaje Local Government Area, particularly Aiyetoro, which has suffered severe erosion and rising sea levels. Research into shoreline changes along the Ilaje coast shows that about 86 per cent of the coastline studied has experienced erosion.
The environmental damage has led to the loss of land, destruction of homes and public infrastructure, and disruption of fishing and other economic activities in the affected communities.
Under the theme, ‘Saving the Vanishing Coast’, the Ondo delegation will use the COP31 platform to seek funding and development partnerships for coastal protection, land reclamation, improved infrastructure, clean water and energy, restoration of fishing activities and early-warning systems.
The proposed interventions will also involve discussions with international funding institutions, including the Green Climate Fund and the World Bank, particularly its West Africa Coastal Areas programme.
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Commenting on the initiative, Group Executive, Corporate and Investment Banking at Sterling Bank, Dele Faseemo, said climate change was already affecting cities, businesses and the livelihoods of vulnerable communities.
He said Lagos had identified major investment opportunities to strengthen its infrastructure, while the situation in Aiyetoro showed the consequences of failing to protect communities against environmental threats.
“These are different challenges, but both require financing, credible projects and sustained collaboration. Our focus at COP31 is to work with the states and development partners to identify practical financing arrangements that can support implementation,” Faseemo said.
He added that the real measure of progress would be the projects delivered after the climate conference.
Sterling Bank said its participation was in line with its HEART strategy, which focuses on Health, Education, Agriculture, Renewable Energy and Transportation.
The bank recently signed a $30 million credit facility with Proparco, the private-sector financing arm of the Agence Française de Développement Group, to increase funding for renewable energy projects and small businesses in Nigeria’s agricultural value chain.
It said its engagement with OSOPADEC would continue beyond COP31, with plans to support discussions on coastal protection and recovery in Ilaje.
The partnership is also expected to contribute to preparations for an international conference proposed for March 2027 to attract further investment and commitments for the affected coastal communities.
