Nigeria has called for a $1 trillion annual climate finance fund for developing nations, emphasizing the urgent need for equitable global financial systems to address the growing burden of climate change, debt distress, and economic instability in the Global South.
The call was made by the leader of the Nigerian delegation, Dr. Umar Ahmed Dunoma, Permanent Secretary, Ministry of Foreign Affairs, at the Non-Aligned Movement (NAM) Summit held in Kampala, Uganda.
In a statement by the Ministry’s spokesperson, Kimiebi Ebienfa, the Permanent Secretary underscored the need for a stronger and more united voice among NAM member nations to push for climate justice, global financial reform, and fair representation within international institutions.
“Developing nations are facing multiple crises from climate change to unsustainable debt. No nation can bear these burdens alone,” Dr. Dunoma said, calling for a coordinated global response anchored on fairness, solidarity, and collective responsibility.
While reaffirming Nigeria’s support for a two-state solution to the Israeli-Palestinian conflict, Dr. Dunoma also called for urgent reforms of global institutions, particularly the United Nations Security Council, to better reflect present-day geopolitical realities and give greater representation to developing nations.
On the issue of climate finance, Dr. Dunoma highlighted that Nigeria’s new approach centers on mobilizing private sector capital through “green guarantees”, backed by the recently established National Credit Guarantee Company.
He explained that the initiative aims to de-risk green investments, align key ministries, and attract sustainable financing that could unlock five to six times more resources than traditional funding mechanisms.
“While nations like Nigeria are acting with resolve, our efforts will fall short without substantial support from the international community,” Dunoma emphasized.
The Non-Aligned Movement, which brings together over 120 countries representing the interests of the Global South, is currently focusing on climate action, debt sustainability, and multilateral reform as part of its renewed agenda to tackle inequality in the international system.
By Dare Akogun
