President Bola Tinubu has approved the adoption of a National Carbon Market Framework and the operationalization of a dedicated Climate Change Fund, signaling a major strategic shift to leverage global climate finance.
These key decisions, announced ahead of the 2025 United Nations Climate Change Conference (COP 30) in Brazil, aim to position Nigeria as a leader in climate action and unlock significant annual revenues.
The goal of the framework is to establish a governance structure for Nigeria’s participation in carbon markets, allowing the nation to “unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to help meet climate goals,” according to a statement released Friday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.
The approvals followed a presentation made on Thursday evening at the Presidential Villa by Ms Omotenioye Majekodunmi, Director General of the National Council on Climate Change (NCCC), during the second meeting of the Council.
President Tinubu, represented by Vice President Kashim Shettima, who chaired the Council meeting, confirmed that these measures are designed to help Nigeria take full advantage of opportunities in the global carbon market.
The President set out Nigeria’s agenda for the upcoming COP 30 summit in Belem, Brazil, stating that the focus will be on leveraging finance for climate resilient projects, especially through carbon finance.
He stated that addressing climate change is an opportunity to unlock new investments, jobs and innovations in the energy, agricultural and industrial sectors.
“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,” Tinubu stated.
He assured that climate action will continue to be a priority in his administration’s development agenda, aimed at positioning Nigeria as a destination for green investment.
Earlier in the meeting, NCCC Director-General Majekodunmi informed the Council that Nigeria is now eligible to access new rounds of climate finance from multilateral funds.
It formally requested three key measures: the adoption of the National Carbon Market Framework, the operationalization of the Climate Change Fund for immediate mobilization and the restoration of the NCCC budget line within the annual Federation Account Allocation Committee (FAAC) to ensure the financial stability of the fund.
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, fully endorsed the Secretariat’s recommendations and assured the Council of the ministry’s support, including the coordination of a quarterly Climate Finance Monitoring Panel.
The National Carbon Market Framework (NCMF) establishes the rules, institutions and procedures for generating, validating and trading carbon credits both nationally and internationally. COP 30, scheduled for November 10-21, 2025, will be a major global summit taking place in the Amazon region and marking the anniversaries of both the Kyoto Protocol and the Paris Agreement.
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