Nume Ekeghe
Sterling Bank is stepping up efforts to mobilise climate finance for Nigeria through strategic engagements with the Lagos and Ondo State Governments at the 31st United Nations Climate Change Conference (COP31), holding from November 9 to 20, 2026, in Antalya, Türkiye.
The Bank’s participation is aimed at unlocking investment opportunities, expanding access to sustainable financing and connecting state-led development projects with international investors and development finance institutions.
The engagements underscore the growing role of subnational governments in Nigeria’s climate response, particularly as states grapple with the need to build climate-resilient infrastructure, safeguard livelihoods and address mounting environmental threats.
For Lagos and Ondo, the stakes are particularly significant, given their exposure to coastal erosion, flooding and other climate-related risks.
These challenges have heightened the need for sustained investment in adaptation infrastructure and solutions that can protect vulnerable communities while supporting long-term economic development.
The bank in a statement noted that they will participate in the Lagos State Government’s COP31 programme, which seeks to advance an estimated $25–50 billion climate investment opportunity spanning more than 300 potential projects.
Led by the Office of Climate Change and Circular Economy (OCCE), the initiative will bring together global investors, financial institutions and strategic partners to explore opportunities across renewable energy, sustainable transportation, waste management, climate-resilient infrastructure, agriculture and green enterprise.
A major highlight of the state’s participation will be Lagos Climate Investment Day, scheduled for 13 November 2026.
The event will provide a platform to present the state’s investment pipeline, engage prospective financing partners and explore structures capable of moving priority projects towards implementation. Sterling Bank will contribute its financing expertise to discussions on project bankability, sustainable investment and opportunities for private-sector participation in Lagos’s climate development agenda.
On Ondo, Sterling Bank is supporting the Ondo State Oil Producing Areas Development Commission (OSOPADEC) in drawing international attention to the growing environmental crisis affecting Aiyetoro and other coastal communities in Ilaje Local Government Area.
The COP31 sideline engagement organised under the theme ‘Saving the Vanishing Coast,’ will highlight the impact of rising sea levels, coastal erosion and environmental degradation while seeking partnerships to support long-term coastal protection, infrastructure development and economic recovery.
The urgency of the intervention is underscored by research into shoreline changes along the Ilaje coast, which found that approximately 86% of the coastline studied had experienced erosion.
Aiyetoro, once a thriving fishing community, has suffered extensive land loss, damage to residential and public infrastructure, and disruption to traditional livelihoods.
The situation illustrates the increasing economic and social costs of climate inaction, particularly for communities with limited resources to withstand repeated environmental shocks.
Through its programme at the Nigeria Pavilion, OSOPADEC will present a coastal-resilience roadmap covering shoreline protection and land reclamation, climate-resilient infrastructure, clean water and energy access, restoration of fisheries and blue-economy livelihoods, and early-warning systems.
Sterling Bank’s involvement will support engagements aimed at identifying potential financing structures and development partnerships for these priorities, including proposed discussions with institutions such as the Green Climate Fund and the World Bank, particularly its West Africa Coastal Areas programme.
Commenting on the Bank’s participation, Group Executive, Corporate and Investment Banking at Sterling Bank, Dele Faseemo said:
“Climate change is already changing the way our cities function and how communities earn a living. Lagos has identified significant opportunities to invest in infrastructure that will support its long-term growth, while the situation in Aiyetoro shows what happens when vulnerable communities are unable to protect themselves 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. The measure of progress will be what we are able to deliver beyond the conference.”