NIGERIA APPROVES NATIONAL CARBON MARKET FRAMEWORK, EYES $3BN ANNUALLY FROM CLIMATE FINANCE

Ahead of the 30th United Nations Climate Change Conference in Brazil, President Bola Ahmed Tinubu has approved the adoption of a National Carbon Market Framework and the operationalization of the Climate Change Fund. The goal is to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to help meet Nigeria’s climate goals.

The approvals were announced in a statement by Senior Special Assistant to The President on Media & Communications, Stanely Nkwocha, and followed a presentation at the second meeting of the National Council on Climate Change held at the Presidential Villa. Stanely Nkwocha stated that President Tinubu, represented by Vice President Kashim Shettima, said the approvals were part of measures to position Nigeria to leverage opportunities in the global carbon market.

The President set the agenda for Nigeria’s participation in the forthcoming COP 30 in Brazil, stating the focus is to harness financing for climate resilient projects. “Nigeria stands ready to takes its rightful place as a global leader in climate action, ensuring that our voice and our reality are heard and respected in international negotiations,” the President said in a statement. He assured that climate action will continue to be prioritized in his administration’s development agenda.

Earlier, the Director-General of the National Council on Climate Change, Mrs. Omotenioye Majekodunmi, informed the council that the meeting was timely ahead of COP 30. She said the Council sought the adoption of the National Carbon Market Framework to enable Nigeria unlock significant carbon finance. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, backed the recommendations, noting that Nigeria must secure a strong position within the carbon framework. Nkwocha confirmed the Minister assured the Council of the Finance ministry’s full support.