ASIF to raise $50bn to drive climate change goals in Nigeria

The Africa Sovereign Investors Forum (ASIF) has launched the ASIF investment platform in order to raise about $50 billion for climate change drive through the development of agriculture, infrastructure and renewable energy by 2030.

The launch comes as the Nigerian Sovereign Investment Authority (NSIA) moves to allocate 30 percent of its portfolio to climate-resilient projects by 2030, building on Nigeria’s existing $1 billion climate guarantee facility.

“By uniting our sovereign wealth, we’re not just preserving assets but building Africa’s future,” said Aminu Umar-Sadiq, chief executive officer of NSIA.

At the recent gathering in Abuja hosted by ASIF, the theme: ‘Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa,’ was followed by actionable steps to pool wealth together for Africa’s most populous nation’s renewable energy drive.

President Bola Tinubu, who was represented by Kashim Shettima, vice president of Nigeria, reiterated that the time has come for African nations to harness their collective sovereign wealth for pan-African prosperity.

This message reverberated throughout the two-day summit as leaders unveiled concrete steps toward long-term economic resilience.

In a fireside chat between Fola Aiyesimoju, Group managing director of UAC Nigeria and Farouk Gumel, TGI Group’s vice chairman, Gumel emphasised the gap between global climate discourse and on-the-ground realities.

“Farmers don’t ask about COP29; they ask if it’s rained enough to plant,” he said, referencing the recent floods that may force a shift to dry-season farming.

The vice chairman stressed the need to focus on both practical and adaptive short term while keeping an eye on the long-term planning.

He also highlighted the complexity of agricultural value chains and the critical role data plays in attracting investment.

“The seed merchant sells it at planting, the farmer uses the seed for cultivation over a 3-to-4-month period, the processor takes the harvest and converts to food and the distributor may hold the stock for an uncertain period depending on market dynamics,” he explained.

He noted that understanding these timelines is essential for designing effective financing models.

“We always say we don’t have data, but data itself is a commodity. You have to invest in getting that primary data to enable investors to put their money there,” he said.

Gumel urged sovereign wealth funds to lead the charge in supporting grassroots data gathering, stressing that this foundational investment is key to building resilient agricultural systems across the continent.