Ahead of the 30th United Nations Climate Change Conference (COP 30) in Belem, Brazil, President Bola Tinubu has approved the adoption of a National Carbon Market Framework and the operationalisation of the Climate Change Fund, positioning Nigeria to fully leverage global carbon finance.
The approvals came following a presentation by the Director-General of the National Council on Climate Change (NCCC), Mrs. Omotenioye Majekodunmi, at the council’s second meeting held at the State House, Abuja.
President Tinubu, represented at the meeting by Vice President Kashim Shettima, highlighted that these measures are aimed at enabling Nigeria to unlock between $2.5 billion and $3 billion annually from carbon finance over the next decade.
The funds are expected to support climate-resilient projects and interventions 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.
”We have demonstrated this commitment through our active participation in the UNFCCC process, our progress towards implementing our nationally determined contributions and our efforts to mobilize climate finance for adaptation and mitigation across all levels of government, ” he said.
He emphasised that addressing climate change is not only an environmental imperative but also an opportunity to generate investments, jobs, and innovations nationwide.
Mrs. Majekodunmi noted that the council’s deliberations would determine how Nigeria is perceived globally and its ability to mobilise support for achieving national climate goals.
She stressed that adopting the National Carbon Market Framework would position the country to access significant carbon finance, while operationalizing the Climate Change Fund would ensure immediate readiness for fund mobilization and utilization.
The council’s recommendations were fully supported by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who assured that the Finance Ministry would coordinate with other departments to host a quarterly Climate Finance Tracking Dashboard, strengthening transparency and monitoring of climate finance flows.
President Tinubu, who also chaired the council, reiterated that climate action remained a priority on his administration’s development agenda, pledging continued policy support to protect Nigerians, strengthen the economy, and make Nigeria a hub for green investment and innovation.
