President Bola Tinubu has approved the adoption of the National Carbon Market Framework, the operationalisation of the Climate Change Fund, and the restoration of the National Council on Climate Change (NCCC) to the national budget line.
The approvals, which aim to enhance Nigeria’s readiness for global climate finance opportunities, come ahead of the 30th session of the United Nations Climate Change Conference (COP 30) scheduled to hold in Belem, Brazil.
According to the Presidency, the goal of the new policy direction 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 its climate goals.
The decision followed a presentation by the Director-General of the NCCC, Mrs Omotenioye Majekodunmi, at the second meeting of the Council held on Thursday evening at the Presidential Villa, Abuja.
President Tinubu, represented by Vice President Kashim Shettima at the meeting, said the approvals were part of measures to position Nigeria to leverage opportunities in the global carbon market and play a more active role in the global climate change ecosystem.
Speaking on Nigeria’s agenda for the forthcoming COP 30 in Brazil, the President said the focus will be on harnessing opportunities for financing climate-resilient projects and related interventions, particularly from the global carbon market.
He emphasised that tackling climate change is not merely an environmental imperative but a strategic opportunity to attract new investments, create jobs, and drive innovation across the nation’s energy, agriculture, and industrial sectors.
“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.
He reaffirmed his administration’s commitment to prioritising climate action within its broader development agenda, noting that the government will continue to promote policies that protect citizens, strengthen the economy, and position Nigeria as a destination for green investment and innovation.
Presenting the Council’s progress report, the Director-General of the NCCC disclosed that Nigeria is now eligible to access new rounds of climate finance from multilateral funds.
She explained that the Council’s key requests included the adoption of the National Carbon Market Framework to unlock significant carbon finance inflows, the operationalisation of the Climate Change Fund for immediate readiness in fund mobilisation, and the restoration of the NCCC budget line within the annual FAAC allocation to ensure financial stability.
Majekodunmi added that the decisions taken by the Council would shape how Nigeria is perceived globally and determine how effectively the country can mobilise international support to achieve its climate objectives.
She also reaffirmed the Secretariat’s commitment to providing the technical leadership and coordination needed to translate Nigeria’s climate goals into measurable results.
Supporting the Council’s recommendations, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, underscored the importance of Nigeria maintaining a strong position within the global carbon framework.
He assured the Council of his ministry’s continued collaboration, including coordination with the economic department to host a quarterly Climate Finance Tracking Dashboard aimed at improving transparency and accountability in climate-related funding.
