The Lagos State Government has unveiled the 80 Million Credit Float Project. The initiative, launched this week by the Ministry of Economic Planning and Budget, is set to transform lives, create jobs, and support Nigeria’s transition to clean energy.
The project, which is in partnership with GreenPlinth Africa, will roll out 80 million eco-friendly credit facilities to households and businesses across Nigeria. According to officials, this effort is expected to create 35 million green jobs and significantly reduce indoor pollution through the use of clean cooking technology.
Speaking during the official launch at the Bagauda Kaltho Press Centre in Alausa, the Commissioner for Economic Planning and Budget, Mr. Ope George, described the project as a major milestone under the Lagos State THEMES Plus Agenda. He stated that the project would “serve as an economic catalyst,” delivering cleaner energy and stronger communities.
“The programme serves as an economic catalyst, with projections of over 35 million green jobs and the upcoming launch of Africa’s first subnational carbon exchange in Lagos,” said George. “Together with GreenPlinth Africa, we are not just implementing a project—we are shaping the future of climate and economic resilience in Nigeria.”
This initiative places Lagos at the forefront of climate-smart investments in Africa, with Mr. Babajide Sanwo-Olu, Governor of Lagos State, serving as Chairman of the Project Advisory Board. He is joined by Governor Mohammed Umar Bago of Niger State as Deputy Chairman and six Vice Chairpersons drawn from across Nigeria’s geopolitical zones and key sectors such as NGOs, CSOs, and the private sector.
The state’s strategic push into green technology and renewable energy is expected to deliver direct benefits to millions of Nigerian families. Key among them is the free distribution of six million clean cookstoves, with the first batch scheduled to begin rollout in June 2025, starting from Makoko, a densely populated waterfront community in Lagos.
According to Mrs. Titi Oshodi, Special Adviser to Governor Sanwo-Olu on Climate Change and Circular Economy, the clean cookstoves will reduce harmful emissions and promote healthy cooking practices.
“This initiative will generate 1.2 million carbon credits, bringing in over $1 billion in revenue over 15 years to support infrastructure, social programmes, and climate projects,” Oshodi said. “We will also set up free clean food stores for families in need, support renewable energy for small businesses, and provide health insurance for every beneficiary household.”
She also revealed that households using clean cookstoves under the ‘Pay-to-Cook’ programme will receive ₦10,000 annually as an incentive for reducing carbon emissions and adopting sustainable living practices.
“Lagos will also launch the Lagos Carbon Exchange (LCX) – the first subnational carbon trading market in Africa, and only the second in the world outside of California,” Oshodi added.
This platform is designed to allow Lagos State to earn revenue from trading carbon credits, which will be reinvested in clean energy, affordable healthcare, green transportation, and massive job creation across the state. This bold step places Lagos at the heart of carbon market leadership in Africa.
Mrs. Oshodi further stated that the project’s bottom-up strategy will drive community participation. “The project will allocate ₦1 billion each year to all 57 local councils in Lagos for green development, deploy five sustainable projects per year across 1,000 communities, provide health insurance coverage for each beneficiary household, and also create 400 million economic trees to fight food insecurity and deforestation,” she said.
The initiative was formally inaugurated in the presence of key government officials, including the Commissioners for Women Affairs & Poverty Alleviation, Mrs. Cecilia Dada; Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Kaosarat Bada Ambrose; Energy & Mineral Resources, Mr. Biodun Ogunleye; Health, Prof. Akin Abayomi; and Special Adviser to the Governor on the Environment, Mr. Olakunle Rotimi-Akodu.
Others present included the Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo; President of GreenPlinth Africa, Dr. Olawale Akinwunmi; and the Chief Transformation Officer/Project Manager, Dr. Adebola Odunsi.
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The launch also saw the official inauguration of the State Working Group (SWG) and Internal Working Group (IWG), which will oversee the planning, implementation, and monitoring of the entire project.