Photo caption: COP31-venue. Photo credit: UNCTAD
*As $50bn Lagos investment target, Ondo’s coastal rescue take centre stage
Sterling Bank is deepening its support for sustainable development through targeted partnerships with the Lagos and Ondo State Governments at the 31st United Nations Climate Change Conference (COP31), holding from 9 to 20 November 2026 in Antalya, Türkiye. The Bank’s involvement will centre on unlocking climate investment opportunities, expanding access to sustainable finance and linking state-driven development agendas with global investors and development finance institutions.
The partnerships highlight the increasingly central role of subnational governments in Nigeria’s climate response, especially as states grapple with the twin task of building climate-resilient infrastructure while safeguarding communities already counting the cost of environmental damage. Although funding remains vital to speeding up Nigeria’s energy transition and infrastructure growth, the escalating effects of coastal erosion, flooding and other climate risks have made it more pressing to channel capital into practical adaptation solutions.
Photo caption: Sterling Bank logo
At COP31, Sterling Bank will take part in the Lagos State Government’s programme, which aims to drive an estimated US$25–50 billion climate investment opportunity across more than 300 prospective projects. Under the leadership of the Office of Climate Change and Circular Economy (OCCE), the initiative will convene international investors, financial institutions and strategic partners to examine opportunities in renewable energy, sustainable transport, waste management, climate-resilient infrastructure, agriculture and green enterprise.
A 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, Dele Faseemo, Group Executive, Corporate and Investment Banking at Sterling Bank, 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.”
Sterling Bank’s participation builds on its HEART strategy, which prioritises investment in Health, Education, Agriculture, Renewable Energy and Transportation. Through the strategy, the Bank continues to support sectors central to Nigeria’s economic development and climate transition, including clean energy adoption, sustainable agriculture and low-emission mobility.
This commitment was recently reinforced through a US$30 million senior credit facility signed with Proparco, the private-sector subsidiary of the Agence Française de Développement (AFD) Group, to expand financing for renewable energy projects and small and medium-sized enterprises across Nigeria’s agricultural value chain. The arrangement reflects Sterling’s efforts to work with development finance partners to increase access to capital in sectors where financing can support both economic growth and environmental sustainability.
Beyond COP31, the Bank’s engagement with OSOPADEC is expected to support continued dialogue on the Ilaje coastal-resilience agenda, including preparations for an international conference proposed for March 2027. The conference is intended to build on discussions in Antalya and advance potential partnerships and financing commitments for coastal interventions.
