October 31, (THEWILL) — President Bola Tinubu has approved the adoption of a National Carbon Market Framework and the activation of Nigeria’s Climate Change Fund as part of strategic measures to position the country for leadership in global climate finance ahead of the 30th United Nations Climate Change Conference (COP30) scheduled to hold next year in Belém, Brazil.
The framework is projected to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade, creating a new revenue stream to support Nigeria’s climate commitments and drive sustainable development.
The approvals followed a presentation by the Director-General of the National Council on Climate Change (NCCC), Mrs. Omotunde Majekodunmi, during the Council’s second meeting held on Thursday evening at the Presidential Villa, Abuja.
Represented by Vice President Kashim Shettima, President Tinubu said the initiative reflects his administration’s determination to strengthen Nigeria’s participation in the global carbon market and assert its leadership in international climate action.
“Our agenda for COP30 is clear — to attract financing for climate-resilient projects and interventions through the international carbon market.
“Nigeria stands ready to take its rightful place as a global leader in climate action, ensuring our voice and reality are heard and respected in international negotiations,” he said.
The President noted that his administration views climate action not merely as an environmental obligation but as an economic opportunity to stimulate investment, innovation, and job creation in key sectors such as energy, agriculture, and industry.
He reaffirmed that climate policy remains central to his government’s economic agenda, pledging continued support for initiatives that “protect our people, strengthen our economy, and position Nigeria as a destination for green investment and innovation.”
In her remarks, NCCC Director-General Majekodunmi said the Council’s deliberations would define how Nigeria is perceived globally and its capacity to attract climate finance.
She disclosed that Nigeria has now become eligible to access new rounds of funding from multilateral climate institutions, adding that the Council is committed to providing technical leadership and coordination to achieve measurable progress in meeting national climate targets.
The Council also resolved to operationalise the Climate Change Fund immediately to ensure readiness for fund mobilization and utilization.
Supporting the move, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, underscored the importance of Nigeria securing a strong foothold in the global carbon framework.
He pledged close collaboration with the NCCC, including the introduction of a quarterly Climate Finance Tracking Dashboard to ensure transparency and accountability.
With these approvals, Nigeria reinforces its commitment to advancing climate action while creating new pathways for economic growth, green investment, and sustainable development.
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