The federal government, in partnership with The Alternative Bank, is scaling up climate financing initiatives, including supporting Nigeria's target of planting 20 billion trees by 2030.
The partnership was reached at the 2026 World Environment Day commemoration in Abuja, which also marked the formal launch of the National Tree Planting Campaign.
Speaking at the event, the Director of Planning, Research and Statistics at the Ministry of Environment, Babagana Bukar, said The Alternative Bank had become the first financial institution to formally partner with the ministry on the annual event, adding that both parties are aligned in their vision and objectives.
Also, the Head of Business Enablement at The Alternative Bank, Maryam Mohammed, disclosed that the institution has expanded its green finance portfolio to support climate-friendly investments across transport, energy and waste management.
According to her, the bank currently finances over 2,120 electric tricycles in Nigeria, including a women-focused electric mobility scheme, while also providing funding for solar home systems and recycling initiatives through its WasteBanc programme.
She added that the bank was also developing financing products to support afforestation and tree-planting projects across the country, providing financial support and creating financing opportunities for such initiatives.
The Minister of Environment, Balarabe Lawal, described the 20 billion trees by 2030 as an achievable target, while noting that the government's ambition could extend beyond the figure.
Meanwhile, the Director of Forestry, Halima Bwari, warned that Nigeria continues to lose about 163,000 hectares of forest annually due to agricultural expansion, illegal logging, bush burning and urban development. She described this as a present and very real danger, rather than a distant future threat.
The ceremony concluded with a symbolic tree-planting exercise, signalling the start of the five-year national reforestation drive.
