President Bola Tinubu has approved the adoption of a National Carbon Market Framework (NCMF), the activation of the Climate Change Fund, and the restoration of the National Council on Climate Change (NCCC) to the national budget, in a move aimed at boosting Nigeria’s climate financing capacity.
The announcement, made by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, comes ahead of the 30th United Nations Climate Change Conference (COP30), scheduled to hold from November 10 to 21, 2025, in Belem, Brazil.
According to Nkwocha, the initiative is expected to position Nigeria to generate between $2.5 billion and $3 billion annually in carbon finance over the next decade, through active participation in global carbon markets.
Vice President Kashim Shettima, who represented President Tinubu at the second meeting of the NCCC on Thursday at the Presidential Villa, Abuja, said the approvals form part of government’s broader strategy to strengthen Nigeria’s role in the global climate change ecosystem.
Tinubu noted that tackling climate change presents not only an environmental necessity but also a pathway for new investments, job creation, and innovation across Nigeria’s key economic sectors — energy, agriculture, and industry.
“Nigeria stands ready to take its rightful place as a global leader in climate action. We will continue to champion policies that protect our people, strengthen our economy, and position the country as a destination for green investment,” Tinubu said.
The Director-General of the NCCC, Mrs. Omotenioye Majekodunmi, presented the council’s progress report, noting that Nigeria now qualifies to access fresh rounds of multilateral climate financing. She said the council’s recommendations—adoption of the NCMF, activation of the Climate Change Fund, and reinstatement of the NCCC budget line—were critical for achieving climate resilience and long-term sustainability.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, endorsed the proposals, pledging the ministry’s collaboration to host a quarterly Climate Finance Tracking Dashboard for transparent monitoring and coordination.
The National Carbon Market Framework establishes the rules, institutions, and procedures for generating, validating, and trading carbon credits both domestically and internationally.
COP30, taking place in the Amazon region, will mark the anniversaries of both the Kyoto Protocol and the Paris Agreement, bringing together world leaders, scientists, and development partners to negotiate new strategies for limiting global warming.
