VP Shettima Unveils FG Strategy Plan To Launches $2.5bn Carbon Market Activation

VP Shettima Unveils FG Strategy Plan To Launches $2.5bn Carbon Market Activation

In a significant move towards sustainable development, Nigeria has embarked on a transformative journey with the inauguration of a Presidential Committee tasked with developing the country’s Carbon Market Activation Plan…..READ MORE Navigating Interconnection Settlement Challenges In Nigeria’s Telecom Sector

Led by Vice President Kashim Shettima, the committee aims to accelerate green growth and foster a just energy transition, guided by President Bola Ahmed Tinubu’s directive.

Supported by the Africa Carbon Market Initiative (ACMI), the Federal Government of Nigeria is committed to implementing a co-created blueprint that will position the nation as a leader in the global carbon market ecosystem, estimated to value USD 2.5 billion. This initiative underscores Nigeria’s dedication to environmental stewardship and its collaboration with international partners to drive sustainable development.

President Tinubu’s announcement of the inter-governmental committee on carbon markets at COP28 marked a pivotal moment in Nigeria’s climate agenda. Co-chaired by Mr. Zacch Adedeji of the Federal Inland Revenue Service and Dr. Dahiru Salisu of the National Council on Climate Change, the committee comprises representatives from key government ministries and departments, including Finance, Environment, Industry, Trade, Power, Agriculture, and the Nigeria Sovereign Investment Authority. Together, they will craft a comprehensive plan to attract investments in innovative, green, and sustainable initiatives across various sectors, ensuring the inclusion of local communities and indigenous groups.

The Electric Buses Rollout Programme, initiated by President Tinubu, exemplifies Nigeria’s commitment to using carbon markets to finance sustainable development. This pilot project will generate carbon credits, furthering the country’s efforts to combat climate change while promoting economic growth.

Speaking at COP28, President Tinubu emphasized the strategic importance of Nigeria’s carbon market activation plan in attracting global investments. Zacch Adedeji, Co-Chair of the National Carbon Market Activation Plan, highlighted Nigeria’s upcoming initiatives aimed at addressing climate challenges and positioning the nation as a desirable destination for sustainable investments.

As Nigeria unveils its ambitious carbon market activation plan, the nation reaffirms its commitment to building a green economy and fostering environmental sustainability for future generations.