President Bola Tinubu has approved the adoption of a National Carbon Market Framework and the operationalisation of a dedicated Climate Change Fund, signaling a major strategic shift to leverage global climate finance.
These key decisions, announced ahead of the 2025 United Nations Climate Change Conference (COP 30) in Brazil, are intended to position Nigeria as a leader in climate action and unlock significant annual revenue.
The goal of the framework is to establish a management structure for Nigeria’s participation in carbon markets, enabling the nation to “unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to help meet climate goals,” according to a statement released on Friday by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.
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The approvals followed a presentation made on Thursday evening at the Presidential Villa by Mrs. Omotenioye Majekodunmi, Director General of the National Council on Climate Change (NCCC), during the Council’s second meeting.
President Tinubu, represented by Vice President Kashim Shettima, who chaired the Council meeting, confirmed that these measures are designed to help Nigeria fully leverage opportunities in the global carbon market.
The President laid out Nigeria’s agenda for the forthcoming COP 30 summit in Belem, Brazil, stating the focus will be on harnessing financing for climate-resilient projects, especially through carbon finance.
He asserted that addressing climate change is an opportunity to unlock new investments, jobs, and innovations across the 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,” Tinubu declared.
He assured that climate action will remain a priority in his administration’s development agenda, aimed at positioning Nigeria as a destination for green investment.
Earlier in the meeting, NCCC Director-General Majekodunmi informed the Council that Nigeria is now eligible to access new rounds of climate finance from multilateral funds.
She formally requested three key measures: the adoption of the National Carbon Market Framework, the operationalization of the Climate Change Fund for immediate mobilization, and the restoration of the NCCC budget line within the annual Federation Account Allocation Committee (FAAC) to guarantee the financial stability of the fund.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, fully backed the Secretariat’s recommendations, assuring the Council of the ministry’s support, including coordinating a quarterly Climate Finance Tracking Dashboard.
The National Carbon Market Framework (NCMF) establishes the rules, institutions, and procedures for generating, validating, and trading carbon credits both domestically and internationally. COP 30, scheduled for November 10 to 21, 2025, will be a significant global summit taking place in the Amazon region, marking anniversaries of both the Kyoto Protocol and the Paris Agreement.Read Original