As the world moves to tackle climate change and transition to more renewable energy, Africa including Nigeria will need between $22.6-$30 billion annually to fill the energy financing gap. This is even as the federal government said it will continue to explore Islamic finance tools such as Sukuk to tap into local and international investments.
This was disclosed on Tuesday at the 6th African International Conference on Islamic Finance (AICIF) tagged: ‘Towards a Just Transition,’ and organised by The Metropolitan Law Firm and The Metropolitan Skills in collaboration with Africa Finance Corporation and the Securities and Exchange Commission (SEC).
Speaking at the opening, the Convener and Conference Chair, Ummahani Amin, said just transition requires the mobilisation of climate funds for vulnerable African countries facing the harsh reality of climate change such as increasing mortality, human displacements, and migration, among other impacts.
Ms Amin, who is the Founder…