Nigeria has unveiled an ambitious plan to mobilize up to $3 billion annually in climate finance through its National Carbon Market Framework and Climate Change Fund, positioning itself as a leader in nature-positive investment across the Global South.
Vice President Senator Kashim Shettima made the announcement during a high-level thematic session titled “Climate and Nature: Forests and Oceans” at the ongoing United Nations Climate Change Conference (COP30) in Belem, Brazil.
Representing President Bola Ahmed Tinubu, Shettima emphasized that Nigeria’s climate strategy is rooted in restoring balance between nature, development, and economic resilience.
“Through our National Carbon Market Framework and Climate Change Fund, we aim to mobilise up to three billion US dollars annually in climate finance,” Shettima declared. “These resources will be reinvested in community-led reforestation, blue carbon projects, and sustainable agriculture.”
Shettima urged the international community to significantly increase grant-based finance and implement innovative mechanisms such as debt-for-nature swaps and Blue Carbon Markets under Article 6 of the Paris Agreement. He stressed that nature, forests, oceans, and landscapes are shared global assets that must be protected through predictable, equitable, and accessible funding.
“We call on our global partners to recognise the economic value of nature and to channel significant finance towards protecting and restoring it,” he said.
He also highlighted the injustice faced by Global South nations, which have contributed least to climate change but bear its highest costs. “Countries that have benefited more from centuries of extraction must now lead in restoration,” Shettima asserted.
Nigeria’s Climate Change Act of 2021 enshrines nature-based solutions as a legal obligation of the state. Shettima outlined several initiatives already underway:
He emphasized that Nigeria is “taking bold, coordinated steps to restore balance between climate, nature, and development,” supported by the institutional backbone of the National Council on Climate Change.
Rejecting the portrayal of Africa as a passive victim of climate change, Shettima argued that the continent is home to some of the world’s largest untapped carbon sinks and a youthful population capable of driving innovation.
“Africa’s rainforests, mangroves, peatlands, and oceans are global assets. Our young people are the world’s greatest untapped source of innovation and resolve,” he said.
Shettima called on global partners to join Nigeria and the African Union in advancing the African Nature Finance Framework, designed to unlock private capital for reforestation, ecosystem restoration, and blue economy development across the continent.
“Nigeria believes that COP30 must mark the beginning of a new compact — one that recognises Africa’s ecosystems as global assets deserving of global investment and protection,” he concluded.
President Bola Tinubu had announced in April that Nigeria’s newly finalised Carbon Market Activation Policy was poised to unlock up to $2.5 billion in high-integrity carbon credits and associated investments by the year 2030, positioning the country as a hub for climate-smart finance on the African continent.