Cynthia Ezegwu
The Federal Government has approved the adoption of a National Carbon Market Framework (NCMF), the operationalisation of the Climate Change Fund, and the restoration of the National Council on Climate Change (NCCC) to the national budget line.
The move, according to the Presidency, is aimed at positioning Nigeria to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade while strengthening the country’s climate action and economic resilience.
A statement issued on Friday by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, said the approvals followed a presentation by the Director-General of the NCCC, Mrs. Omotenioye Majekodunmi, at the second meeting of the Council held on Thursday at the Presidential Villa, Abuja.
President Bola Tinubu, who was represented by Vice President Kashim Shettima, said the policy was part of efforts to enable Nigeria leverage opportunities in the global carbon market and achieve sustainable growth.
He described climate action as not just an environmental obligation but an opportunity to unlock new investments, create jobs, and foster innovation across multiple sectors, including energy, agriculture, and manufacturing.
“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 said.
Majekodunmi said the Council’s approval of the NCMF would make Nigeria eligible for new rounds of international climate finance, while the operationalisation of the Climate Change Fund would ensure readiness for fund mobilisation and utilisation.
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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, backed the initiative, noting that the framework would strengthen Nigeria’s participation in the global carbon market and attract investments into green industries.
He also disclosed plans for the ministry to launch a Climate Finance Tracking Dashboard to ensure transparency and coordination of financial flows for climate-related projects.
The National Carbon Market Framework establishes the institutional, regulatory, and operational basis for generating, validating, and trading carbon credits both locally and internationally.
The announcement comes ahead of the 2025 United Nations Climate Change Conference (COP30) scheduled to hold in Belem, Brazil, from November 10 to 21, 2025, where Nigeria is expected to showcase its renewed climate commitments.