Mkpoikana Udoma
Port Harcourt — Nigeria is set to unlock up to $3 billion annually in carbon finance as President Bola Ahmed Tinubu has approved the National Carbon Market Framework and the operationalization of the Climate Change Fund, a move that positions Africa’s largest economy to benefit from the booming global carbon market.
The landmark approvals were announced during the second meeting of the National Council on Climate Change, NCCC, held at the Presidential Villa, Abuja, ahead of the 30th United Nations Climate Change Conference, COP30, scheduled to hold in Belem, Brazil.
Speaking on behalf of President Tinubu, Vice President Kashim Shettima said the new framework would allow Nigeria to “leverage opportunities in the global carbon market” and accelerate financing for climate-resilient projects across the country’s key economic sectors.
“Nigeria stands ready to take its rightful place as a global leader in climate action, ensuring that our voice and our reality are heard and respected in international negotiations,” President Tinubu declared.
“We have demonstrated this commitment through our progress towards implementing our nationally determined contributions and mobilizing climate finance for adaptation and mitigation across all levels of government.”
According to the NCCC’s Director-General, Mrs. Omotenioye Majekodunmi, the framework is projected to help Nigeria generate between $2.5 billion and $3 billion annually over the next decade, channeled toward projects in renewable energy, agriculture, and sustainable industrial growth.
Majekodunmi explained that Nigeria is now eligible to access new rounds of climate financing from global funds, stressing that the new policy “places the country in a prime position to attract green investments and strengthen international partnerships.”
“Our reforms are designed to ensure that Nigeria is not just participating in carbon trading but leading it on the continent,” she said. “This will not only help us meet our climate commitments but also create jobs, support industries, and protect communities on the frontlines of climate impact.”
The Climate Change Fund, she added, would serve as a national vehicle for mobilizing and deploying climate-related financing, ensuring transparency and accountability in project implementation.
Supporting the initiative, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said his ministry would collaborate with the NCCC to track and manage climate-related investments through a quarterly Climate Finance Tracking Dashboard.
“Nigeria must secure a strong position within the global carbon framework,” Edun emphasized. “This is a financial, economic, and environmental opportunity that aligns perfectly with the President’s Renewed Hope Agenda.”
President Tinubu reaffirmed that his administration views climate action as a catalyst for economic transformation, not merely an environmental imperative.
“We will continue to champion policies that protect our people, strengthen our economy, and position Nigeria as a destination for green investment and innovation,” he said.
The move could mark a turning point for Nigeria’s energy transition agenda, with significant implications for the oil and gas sector. The new carbon market policy is expected to encourage emission-reduction initiatives across industries while attracting international investors seeking to offset carbon footprints through verified African projects.
As COP30 approaches, Nigeria’s leadership says it aims to showcase its evolving climate finance architecture and the opportunities it presents for sustainable energy, clean technologies, and resilient infrastructure.
“The decisions we take today will shape how Nigeria is perceived globally,” Majekodunmi concluded. “We are building a system that turns climate action into economic opportunity, and ensures no Nigerian is left behind.”
