At the 2nd Annual Finance Symposium organized by Babcock University’s Department of Finance, Vice Chancellor Prof. Ademola Tayo called for stronger collaboration between the public and private sectors to combat climate change. The event, themed “Public-Private Partnerships in Climate Finance: The Role of Governments and Impact Investors,” addressed the urgent need for sustainable financing solutions in response to the global climate crisis.
Prof. Tayo highlighted the severity of climate change, citing extreme weather events such as floods, wildfires, droughts, and heatwaves. He referenced a World Bank report predicting a 25% drop in Nigeria’s agricultural productivity by 2050, which could deepen food insecurity and poverty. “This is a call to action,” he said. “Climate finance is more critical now than ever, with developing countries needing \$300 billion annually to meet climate targets.”
He emphasized the role of impact investing—capital deployed with the intent to generate measurable social and environmental benefits alongside financial returns. According to the Nigerian Impact Investing Network, Nigeria’s impact investing market grew by 22% from 2018 to 2020, reaching $1.3 billion.
“Governments must provide enabling environments through policy support, tax incentives, and risk guarantees,” Prof. Tayo added. “Meanwhile, impact investors bring the funding and expertise necessary to build climate resilience.”
Lagos State Commissioner for the Environment, Mr. Tokunbo Wahab—represented by Dr. Babatunde Ajayi of the Lagos State Environmental Protection Agency—reinforced this message. He revealed that six coastal communities, including Okun Ajah and Mowo Kekere, have been lost to rising sea levels over the past two years.
Wahab outlined Lagos State’s efforts in climate finance, including investments in green energy (solar power, electric vehicles), the transition of BRT buses to CNG and electric models, and a waste-to-energy project in Olusosun. “No single individual can drive large-scale change alone,” he stated. “Public-private partnerships are essential to achieving meaningful climate impact.”
Earlier, Prof. Samuel Dada, Dean of the School of Management Sciences, noted that the symposium was designed to bridge academia and industry, encouraging collaborative solutions to pressing global issues.
Other key speakers included Ogun State Commissioner for Budget and Planning, Mr. Olaolu Olabimtan; Dr. Olufemi Ademola, MD of AIICO Capital; and Mrs. Adaeze Ume, Unit Head of Consumer Propositions at Access Bank Plc.
