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Nigeria Unveils Blueprint for $2.5 Billion Carbon Market Activation

The Nigeria government has revealed that it is paving the way for a substantial $2.5 billion carbon market by forming a new committee.

Nigeria’s vice president Kashim Shettima, made this known while  inaugurating the Intergovernmental Committee on Carbon Market Activation Plan on Thursday March 7, 2024.

In a statement signed by Stanley Stanley Nkwocha, the Vice president’s spokesperson, the committee’s goal is to develop a systematic blueprint for a sustainable carbon market.

“This move aligns with President Bola Ahmed Tinubu’s objective to minimize Nigeria’s carbon emissions and is supported by the Africa Carbon Market Initiative, enhancing Nigeria’s entry into the lucrative $2.5 billion carbon market, ” it stated.

Chaired by the executive chairman of the Federal Inland Revenue Service, FIRS, Dr. Zacch Adedeji the committee’s formation follows its announcement by President Tinubu at COP28 in December 2023.

During the inauguration at the Presidential Villa, Abuja, Shettima emphasized the administration’s strategy to use natural gas as a transitional fuel and the committee’s role in shaping a national carbon market strategy.

This plan is set to draw significant investments, facilitate emission reductions, and promote sustainable growth in Nigeria.

“However, the intervention we seek can’t be achieved unless the best minds of this nation come together to oversee our transition, and I do not doubt that we are on the right track, especially with the calibre of the technocrats that are in this room.

“We gather today as part of the broader initiative to position Nigeria and, by extension, Africa in green growth manufacturing and industrialisation. This underscores our commitment to sustainable development and environmental stewardship.

“This justifies our focus on natural gas as a transition fuel alone site investment in renewable energy sources. Our mission is to meet the needs of the present while safeguarding the future.

“The sincerity of our commitment to coordinating carbon-related market plans and initiatives has never been in doubt. The Intergovernmental Committee on Carbon Market stands as a testament to our dedication to developing a national carbon market strategy,” he said.

The VP further noted the carbon market mechanism’s implementation signifies a major shift, urging committee members to view it as a call for collaboration, innovation, and collective action.

He emphasized the transition from conference ideas to actionable steps, highlighting the partnership with the African carbon market initiative as a step towards environmental responsibility and positioning Nigeria as a prime destination for carbon market investment.

This move, he stated, marks a historical step in enlarging Nigeria’s role in both voluntary and mandatory carbon markets, with the potential to unlock significant climate financing.

On his part, Co-chairman Mr. Zacch Adedeji acknowledged the initiative’s potential for Nigeria’s sustainable development and praised the Vice President’s dedication to advancing Nigeria’s carbon market.

He promised that the committee would collaborate closely with the African Carbon Market Initiative to exploit Nigeria’s substantial carbon potential, valued at over $2 billion.

In his remark the director-general of the National Council on Climate Change Dr Salisu Dahiru revealed that the committee has been proactive since its inception in December 2023 by President Tinubu during COP28 in Dubai.

Dr. Salisu Dahiru

Dahiru pointed out that carbon market and trading are crucial for any country’s climate change mitigation and adaptation strategies, contributing to global climate management efforts.

By Dare Akogun

Dare Akogun

Dare Akogun is a dynamic media innovator, strategic communication professional, and seasoned climate and environmental sustainability journalist with over 10 years of influential contributions to the media industry.

He Currently serving as the Head of Digital Media, Senior News Editor, and a presenter at Sobi FM 101.9, a leading radio station in Ilorin, Nigeria.

Dare is on a mission to leverage his media innovation expertise and project management skills to produce high-quality, accurate, and engaging content, while advocating for reduced fossil fuel consumption, especially coal, to combat effect of global warming.

He has covered comprehensively environmental issues and COP conferences, including COP28 in Dubai last year , COP 27 in Egypt, and the United Nations Least Developed Countries conference in Doha, in 2023.

He is a recipient of fellowship to be part of a 15 team of journalists selected worldwide to cover the Berlin Energy Transition Dialogue 2024.

He has a Master's Degree in Mass Communication, from the University of Lagos, a Bachelor's Degree in Journalism from the Lagos State University and also a
Certification in Business Administration and Management, from the Babson College, Massachusetts, United States of America.

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