FG approves Carbon Market Framework, eyes $3bn yearly

…..As Tinubu sets agenda for Nigeria’s participation in COP 30, Brazil

The Federal Government has approved the adoption of a National Carbon Market Framework, operationalization of the Climate Change Fund, and restoration of the National Council on Climate Change (NCCC) to the national budget line as part of efforts to strengthen Nigeria’s climate action and attract global investment.

The approvals, granted by President Bola Ahmed Tinubu, are expected to enable Nigeria access between $2.5 billion and $3 billion annually in carbon finance over the next decade, helping the country meet its environmental and economic goals.

According to a statement signed by the spokesman to the Vice President, Mr Stanley Nkwocha, the goal is to establish and manage Nigeria’s participation in carbon markets

President Tinubu, represented by Vice President Kashim Shettima, made this known on Thursday evening during the second meeting of the National Council on Climate Change held at the Presidential Villa, Abuja.

According to the President, the decisions are aimed at positioning Nigeria to fully leverage opportunities in the global carbon market and ensure active participation in the global climate ecosystem ahead of the 30th United Nations Climate Change Conference (COP 30) scheduled to take place in Belem, Brazil, in 2025.

He said his administration views climate change not just as an environmental concern but as “an opportunity to unlock new investments, jobs, and innovations across Nigeria’s energy, agriculture, and industrial 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 said. “We have demonstrated this commitment through our active participation in the UNFCCC process, progress towards implementing our nationally determined contributions, and efforts to mobilize climate finance for adaptation and mitigation across all levels of government.”

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The President assured that climate action will remain central to his administration’s development agenda, emphasizing that Nigeria will continue to pursue policies that protect its people, strengthen the economy, and attract green investment.

Earlier, the Director-General of the National Council on Climate Change (NCCC), Mrs. Omotenioye Majekodunmi, said the Council’s meeting was timely as it would help shape Nigeria’s engagement ahead of COP 30 in Brazil.

She noted that the Council’s deliberations and decisions would influence global perception of Nigeria’s climate commitment and enhance its ability to mobilize international support for achieving national climate targets.

Presenting a progress report, Majekodunmi disclosed that Nigeria is now eligible to access new rounds of climate finance from multilateral funds. She also outlined key requests made by the Secretariat, including:

•Adoption of the National Carbon Market Framework to unlock up to $3 billion annually in carbon finance.

•Operationalization of the Climate Change Fund to ensure immediate readiness for fund mobilization and utilization.

•Restoration of the NCCC budget line within the annual FAAC allocation to guarantee financial stability of the Climate Change Fund.

Supporting the recommendations, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the need for Nigeria to secure a strong position in the emerging carbon framework.

He assured the Council of his ministry’s commitment to coordinating with relevant agencies to develop a quarterly Climate Finance Tracking Dashboard to monitor progress and ensure transparency.

The Vice President, who chairs the Council on behalf of the President, commended the NCCC Secretariat for its work and urged continued collaboration among ministries and agencies to advance Nigeria’s climate agenda and attract sustainable investments.