…targets global financing for over 300 Lagos projects, coastal protection in Ondo
By Gloria Ikibah 
Sterling Bank is seeking to attract international investment for climate-related projects in Lagos and Ondo States at the 31st United Nations Climate Change Conference (COP31), holding in Antalya, Türkiye, from 9 to 20 November 2026.
The bank said its engagements will focus on expanding access to sustainable financing and connecting state-led climate initiatives with international investors and development finance institutions.
In Lagos, Sterling Bank will participate in the state government’s climate investment programme, which is seeking to unlock an estimated $25 billion to $50 billion for more than 300 potential projects.
The projects cover renewable energy, sustainable transportation, waste management, climate-resilient infrastructure, agriculture and green enterprise.
A key event, Lagos Climate Investment Day, is scheduled for 13 November, providing an opportunity to present the state’s investment pipeline and engage prospective financing partners.
Sterling Bank said it will contribute its financing expertise to discussions on project bankability, sustainable investment and private-sector participation.
In Ondo State, the bank is supporting the Ondo State Oil Producing Areas Development Commission (OSOPADEC) in drawing international attention to coastal erosion and environmental degradation affecting Aiyetoro and other communities in Ilaje Local Government Area.
The engagement, themed “Saving the Vanishing Coast”, will seek partnerships for long-term coastal protection, infrastructure development and economic recovery.
Research into shoreline changes along the Ilaje coast found that approximately 86 per cent of the coastline studied had experienced erosion. Aiyetoro, once a thriving fishing community, has suffered extensive land loss, damage to infrastructure and disruption to traditional livelihoods.
OSOPADEC is expected to present a coastal-resilience roadmap covering shoreline protection, land reclamation, climate-resilient infrastructure, clean water and energy access, fisheries restoration, blue-economy livelihoods and early-warning systems.
Sterling Bank said its participation will support discussions on potential financing arrangements and development partnerships, including proposed engagements with the Green Climate Fund and the World Bank’s West Africa Coastal Areas programme.
Commenting on the bank’s participation, Group Executive, Corporate and Investment Banking, Dele Faseemo, said both states faced different climate challenges requiring investment and collaboration.
“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,” he said.
The bank said its participation was in line with its HEART strategy, which prioritises investment in health, education, agriculture, renewable energy and transportation.
It also cited a $30 million senior credit facility signed with Proparco, the private-sector subsidiary of the Agence Française de Développement Group, to expand financing for renewable energy projects and small and medium-sized enterprises across Nigeria’s agricultural value chain.
Sterling Bank said its engagement with OSOPADEC will continue beyond COP31, with discussions expected to support preparations for an international conference on Ilaje coastal resilience proposed for March 2027.
