President Bola Tinubu has approved the adoption of a national carbon market framework, aimed at generating $3 billion annually, alongside the operationalization of the climate change fund and the reinstatement of the National Council on Climate Change (NCCC) to the national budget.
The approval comes ahead of the 2025 United Nations Climate Change Conference (COP30), scheduled to take place in Belem, Brazil, from Monday, November 10 to Friday, November 21.
The announcement was made in a statement on Friday, October 31, by Stanley Nkwocha,senior special assistant to the president on media and communications (Office of the vice president).
According to Nkwocha, the goal of the new framework is to “establish and manage Nigeria’s participation in carbon markets, enabling the nation to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to help meet climate goals.”
He explained that the approvals followed a presentation by Omotenioye Majekodunmi, director general of the NCCC, during the council’s second meeting held on Thursday, October 30, at the presidential villa, Abuja.
Speaking on behalf of the president, vice president Kashim Shettima said the decisions were part of ongoing efforts to position Nigeria to take full advantage of opportunities within the global carbon market and strengthen its role in the global climate change ecosystem.
He emphasized that Nigeria’s participation in the carbon market aligns with the administration’s broader climate strategy ahead of COP30, focusing on securing financing for climate-resilient projects and related interventions.
President Tinubu noted that tackling climate change represents not only an environmental responsibility but also a major opportunity to attract investment, create jobs, and drive innovation 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 reality are heard and respected in international negotiations,” he said.
“We have demonstrated this commitment through active participation in the UNFCCC process, progress in implementing our nationally determined contributions, and efforts to mobilize climate finance for adaptation and mitigation.”
He further assured that, as chairman of the NCCC, his administration will continue to prioritize climate action as part of its development agenda.
“We will champion policies that protect our people, strengthen our economy, and position Nigeria as a destination for green investment and innovation,” Tinubu stated.
In her presentation, Majekodunmi said the meeting was timely, as the council’s decisions would influence how Nigeria is perceived globally and determine its ability to mobilize international support for its climate ambitions.
She highlighted the council secretariat’s commitment to providing the technical leadership and coordination necessary to translate Nigeria’s climate goals into measurable results, noting that Nigeria now qualifies to access new rounds of multilateral climate finance.
Majekodunmi outlined three key requests adopted by the council: the approval of the national carbon market framework, the operationalization of the climate change fund, and the restoration of the NCCC budget line within the annual FAAC allocation to ensure financial sustainability.
The minister of finance and coordinating minister of the economy, Wale Edun, endorsed the recommendations, stressing the importance of securing Nigeria’s position within the emerging carbon market.
He assured the council of the finance ministry’s full support, including coordination with its economic department to host a quarterly climate finance tracking dashboard to ensure transparency and accountability.
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