President Bola Tinubu has approved 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.
According to the Presidency, the move is part of efforts to position Nigeria to attract climate finance and strengthen its participation in the global carbon market, projected to unlock between $2.5 billion and $3 billion annually over the next decade.
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.
The Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, disclosed this in a statement issued on Friday.
“The goal 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 climate goals,” the statement read.
Nkwocha explained that the approvals followed a presentation by the NCCC Director-General, Mrs Omotenioye Majekodunmi, during the second meeting of the Council held at the Presidential Villa, Abuja, on Thursday evening.
President Tinubu, represented by Vice-President Kashim Shettima, said the measures would ensure Nigeria’s active participation in the global climate ecosystem while promoting investment in green growth.
“These steps are part of our efforts to properly position Nigeria to leverage opportunities in the global carbon market and play a leading role in climate action,” he said.
Nigeria Ready To Take It Rightful Place
The President said his administration viewed climate change not merely as an environmental concern but as an opportunity to create new jobs, attract investment, and drive innovation across key sectors such as 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 stated.
He added that his government’s focus at COP30 would be to harness financing for climate-resilient projects, particularly through the carbon market and other global funding mechanisms.
“We have demonstrated this commitment through our active participation in the UNFCCC process, our progress towards implementing our nationally determined contributions, and our efforts to mobilise climate finance for adaptation and mitigation across all levels of government,” he said.
Tinubu also ordered the restoration of the NCCC budget line within the Federation Account Allocation Committee (FAAC) framework to guarantee consistent funding for the Climate Change Fund.
“We will continue to champion policies that protect our people, strengthen our economy, and position Nigeria as a destination for green investment and innovation,” he said.
Earlier, the NCCC Director-General, Mrs Omotenioye Majekodunmi, who also serves as Secretary to the Council, told the meeting chaired by the Vice-President that Nigeria was now eligible to access new rounds of multilateral climate finance.
She said the adoption of the National Carbon Market Framework (NCMF) would formalise Nigeria’s carbon trading regime by setting rules, institutions, and procedures for generating, validating, and trading carbon credits locally and internationally.
“Our deliberations and decisions will determine how effectively Nigeria can mobilise support to achieve its climate goals,” Majekodunmi said.
She added that the Climate Change Fund would ensure “immediate readiness for fund mobilisation and utilisation,” while the restoration of the NCCC budget line would secure long-term financial stability.
Meanwhile the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, endorsed the Council’s proposals, stressing the need for Nigeria to secure a strong foothold in the global carbon framework.
He said his ministry would coordinate closely with the NCCC and other agencies to track climate-related financial flows and ensure transparency through a quarterly Climate Finance Tracking Dashboard.
“Nigeria must not only participate but must also benefit significantly from the emerging carbon market structure,” Edun said.
Nigeria Eyes Green Growth Ahead of COP30
COP30, which will take place in the Amazon region of Brazil, marks a milestone in global climate diplomacy, commemorating both the Kyoto Protocol and the Paris Agreement.
The summit is expected to bring together world leaders, scientists, and civil society groups to negotiate actions aimed at limiting global warming and advancing green investments.
By adopting the National Carbon Market Framework and reviving the Climate Change Fund, Nigeria is signalling its intent to take a more strategic role in global carbon trading, positioning itself as a regional leader in green finance and low-carbon development.
“With these approvals, Nigeria is sending a strong message that we are serious about climate action and the economic opportunities it offers,” a senior environment official said after the meeting.
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