President Bola Ahmed Tinubu has approved the adoption of a National Carbon Market Framework and the operationalization of the Climate Change Fund ahead of the 30th session of the United Nations Climate Change Conference (COP 30) in Brazil.
The aim of the framework is to establish and manage Nigeria’s participation in global carbon markets, a move projected to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to support the country’s climate goals.
The approvals followed a presentation by the Director-General of the National Council on Climate Change (NCCC), Mrs. Omotenioye Majekodunmi, during the second meeting of the Council held on Thursday evening at the Presidential Villa, Abuja.
President Tinubu, represented by Vice President Kashim Shettima, said the approvals form part of his administration’s strategy to position Nigeria to benefit from the growing global carbon market while strengthening its role in the climate change ecosystem.
According to him, the upcoming United Nations Climate Change Conference in Belem, Brazil, presents an opportunity for Nigeria to harness funding for climate-resilient projects and interventions. “Our focus is to harness all opportunities for financing climate-resilient projects and related interventions, particularly from the global carbon market,” he said.
The President noted that addressing climate change is not only an environmental necessity but also an avenue to unlock new investments, jobs, and innovations across key sectors such as energy, agriculture, and industry. “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 stated.
He added that the country’s participation in the United Nations Framework Convention on Climate Change (UNFCCC) process, progress in implementing its nationally determined contributions, and efforts to mobilize climate finance across all levels of government demonstrate its commitment to environmental sustainability.
“As chairman of the Council, climate action will continue to be prioritized in our development agenda. We will continue to champion policies that protect our people, strengthen our economy, and position Nigeria as a destination for green investment and innovation,” the President assured.
Earlier, the Director-General of the National Council on Climate Change, Mrs. Omotenioye Majekodunmi, who also serves as the Secretary to the Council, told members that the meeting was timely ahead of COP 30 in Brazil. She explained that the Council’s deliberations and decisions would influence how Nigeria is perceived globally and determine how effectively the country can mobilize international support for its climate objectives.
Majekodunmi reaffirmed the Secretariat’s commitment to providing technical leadership and coordination to translate Nigeria’s climate ambitions into measurable outcomes. Presenting the Council’s progress report, she disclosed that Nigeria is now eligible to access new rounds of climate finance from multilateral funds.
Highlighting the Secretariat’s recommendations, she said the adoption of the National Carbon Market Framework would allow Nigeria to unlock up to $3 billion annually in carbon finance over the next decade. She also emphasized the need to operationalize the Climate Change Fund to ensure the country’s readiness for fund mobilization and utilization.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, endorsed the Council’s recommendations, stressing the importance of securing Nigeria’s position within the global carbon framework. “Nigeria must secure a strong position within the carbon framework,” he said, assuring that the Finance Ministry would fully support the Council’s initiatives.
Edun further noted that his ministry would collaborate with the economic department to host a quarterly Climate Finance Tracking Dashboard to monitor progress and promote accountability in climate finance management.
