… 300+ Lagos Climate Projects, Ondo’s Vanishing Coastline Drive Call for Global Capital
By Rashidat O. Okunlade | Lagos
Sterling Bank is strengthening its commitment to sustainable development through strategic engagements with Lagos and Ondo States at the 31st United Nations Climate Change Conference (COP31), scheduled to take place from November 9 to 20, 2026, in Antalya, Türkiye.
The Bank’s participation will focus on advancing climate investment opportunities, supporting access to sustainable financing, and connecting state-led development priorities with international investors and development finance institutions.
The engagements reflect the growing importance of subnational governments in Nigeria’s response to climate change, particularly as states confront the dual challenge of developing climate-resilient infrastructure and protecting communities already experiencing environmental losses.
Lagos State: A $50 Billion Climate Investment Opportunity
Sterling Bank will participate in the Lagos State Government’s COP31 programme, which seeks to advance an estimated US$25 50 billion climate investment opportunity spanning more than 300 potential projects.
Led by the Office of Climate Change and Circular Economy (OCCE), the initiative will bring together global investors, financial institutions, and strategic partners to explore opportunities across renewable energy, sustainable transportation, waste management, climate-resilient infrastructure, agriculture, and green enterprise.
A major highlight of the State’s participation will be Lagos Climate Investment Day, scheduled for November 13, 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 and private-sector participation.
Ondo’s Vanishing Coastline: The Aiyetoro Crisis
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.
Through its programme at the Nigeria Pavilion, OSOPADEC will present a coastal-resilience roadmap covering shoreline protection, land reclamation, climate-resilient infrastructure, clean water and energy access, restoration of fisheries, 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.
‘The Measure of Progress Is What We Deliver Beyond the Conference’
Commenting on the Bank’s participation, the Group Executive, Corporate and Investment Banking at Sterling Bank, Dele Faseemo, 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,” Faseemo added.
Aligning with the HEART Strategy
Sterling Bank’s participation builds on its HEART strategy, which prioritises investment in Health, Education, Agriculture, Renewable Energy, and Transportation.
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 SMEs across Nigeria’s agricultural value chain.
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.
What To Know About Sterling Bank
Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.
Why It Matters
The global conversation on climate change often focuses on national governments and international treaties. However, the real battle against climate change is fought at the subnational level in the cities, coastal towns, and rural communities that bear the brunt of extreme weather events.
Sterling Bank’s decision to anchor its COP31 engagements on Lagos and Ondo states is a recognition of this reality. Lagos, with its massive population and coastal geography, is highly vulnerable to flooding and rising sea levels. The $25-50 billion investment pipeline presented by the state is not just an economic opportunity; it is an existential necessity.
But the story of Aiyetoro in Ondo State is perhaps the most poignant. The revelation that 86% of the Ilaje coastline has experienced erosion is a stark warning. When a community like Aiyetoro loses its land, it loses its history, its livelihoods, and its future. The fact that Sterling Bank and OSOPADEC are taking this specific crisis to the global stage in Türkiye demonstrates a commitment to ensuring that the plight of vulnerable Nigerian communities is not ignored.
Furthermore, the Bank’s recent $30 million credit facility with Proparco shows that its climate rhetoric is backed by action. Financing the energy transition and sustainable agriculture requires massive capital, and private financial institutions cannot do it alone. They must leverage the balance sheets of development finance institutions.
As COP31 unfolds, the true test for Sterling Bank and its state partners will be whether they can convert these high-level conversations in Antalya into tangible, funded projects back home in Lagos and Ilaje. The rhetoric of sustainability must translate into resilient infrastructure and protected coastlines.
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