HomeBusinessNigeria Launches $2.5bn Carbon Market Plan for Green Growth

Nigeria Launches $2.5bn Carbon Market Plan for Green Growth

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Vice President Kashim Shettima is scheduled to inaugurate a high-level committee today at the Presidential Villa in Abuja. The committee’s primary mandate is to develop Nigeria’s Carbon Market Activation Plan, a crucial initiative aimed at accelerating green growth and facilitating a just energy transition within the country.

This intergovernmental committee, established with the support of the Africa Carbon Market Initiative, represents a significant step towards positioning Nigeria as a key player in the global carbon market. The overarching goal is to create an efficient and sustainable carbon market ecosystem, which is estimated to have a substantial value of $2.5 billion.

The decision to establish the National Carbon Market Activation Plan Committee was first announced by President Tinubu during the COP28 conference in December 2023. In his announcement, President Tinubu appointed two distinguished individuals, Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service, and Dahiru Salisu, the Director-General of the National Council on Climate Change, as co-chairs of the committee.

In addition to the co-chairs, the committee comprises representatives from key ministries and agencies, including Finance, Environment, Industry, Trade and Investment, and Power. Also included are representatives from the Ministry of Agriculture and Food Security, the Special Advisor to the President on Climate & NEC, and the Managing Director of the Nigeria Sovereign Investment Authority.

The committee members have been entrusted with the critical task of formulating a comprehensive roadmap to attract investments in innovative, green, and sustainable initiatives across diverse sectors. This roadmap will prioritize the establishment of high-integrity and credible carbon credits while ensuring meaningful participation and inclusion of local communities and indigenous groups.

One of the significant initiatives highlighted by President Tinubu is the Electric Buses Rollout Programme. This program, launched as a pilot project, exemplifies the government’s commitment to leveraging carbon markets to finance sustainable development. By promoting environmentally friendly transportation solutions, such as electric buses, the initiative contributes to the generation of carbon credits while addressing pressing climate challenges.

President Tinubu emphasized Nigeria’s unwavering dedication to environmental stewardship and collaboration with the Africa Carbon Market Initiative. He underscored the strategic importance of the National Carbon Market Activation Plan in positioning Nigeria as an investment-friendly destination for carbon market investments.

Zacch Adedeji, the co-chair of the committee, highlighted the forthcoming unveiling of a series of innovative, clean, modern, and sustainable initiatives across various sectors. These initiatives are strategically designed not only to address climate change challenges but also to attract global investments and propel Nigeria towards a greener and more prosperous future.

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