KEY POINTS
- Nigeria adopts National Carbon Market Framework to attract up to $3 billion yearly.
- The policy will boost investment in green projects nationwide.
- The move strengthens Nigeria’s role in global climate negotiations.
Nigeria has approved a National Carbon Market Framework, alongside the operationalisation of the Climate Change Fund and the reinstatement of the National Council on Climate Change to the national budget, as part of efforts to expand climate finance and drive sustainable growth.
National Carbon Market Framework to boost climate finance
President Bola Tinubu granted the approvals following a presentation by the Director General of the National Council on Climate Change, Omotenioye Majekodunmi, during the council’s second meeting at the Presidential Villa in Abuja. Vice President Kashim Shettima, who chaired the meeting on Tinubu’s behalf, said the National Carbon Market Framework is expected to generate between $2.5 billion and $3 billion annually over the next decade.
Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), confirmed the development in a statement, noting that the framework will allow Nigeria to manage its participation in global carbon markets and expand access to finance for renewable and low-carbon projects.
Tinubu said the initiative reflects his administration’s plan to position Nigeria as an active player in global carbon trading while creating new economic opportunities in renewable energy, agriculture, and industry. He stressed that addressing climate change represents not only an environmental necessity but a chance to attract investment, generate jobs, and promote innovation.
National Carbon Market Framework ahead of COP30
The new framework comes just weeks before the United Nations Climate Change Conference (COP30) opens in Belem, Brazil, in November 2025. Tinubu said Nigeria’s focus at the summit will be to secure partnerships and financing for climate-resilient projects, particularly through the global carbon market.
He reiterated his administration’s commitment to policies that protect citizens, stimulate the economy, and attract green investments. “Nigeria stands ready to take its rightful place as a global leader in climate action,” he said.
According to PUNCH, Majekodunmi told the council that Nigeria is now eligible for new rounds of multilateral climate finance and that the restoration of the NCCC budget line would provide financial stability for the Climate Change Fund. She added that the council’s deliberations will determine how Nigeria is perceived globally and how effectively it can mobilise international support.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, endorsed the framework, saying Nigeria must strengthen its presence in global carbon markets. He also announced that the ministry will launch a quarterly Climate Finance Tracking Dashboard to monitor fund inflows and progress.
