Vice President Senator Kashim Shettima is set to launch the Presidential Committee tasked by President Bola Ahmed Tinubu with developing Nigeria’s Carbon Market Activation Plan, marking an important step toward driving green growth and supporting a just energy transition.
The inauguration ceremony, set to take place at the Presidential Villa in Abuja, signifies a pivotal moment in Nigeria’s journey towards sustainable development. The inter-governmental committee, tasked with spearheading the development of a National Carbon Market Activation Plan, aims to propel the nation towards a more efficient and sustainable carbon market ecosystem valued at an estimated $2.5 billion.
Endorsed by the Africa Carbon Market Initiative (ACMI), the federal government seeks to implement a collaborative blueprint to establish frameworks and policies conducive to driving sustainable growth.
President Tinubu unveiled the creation of the inter-governmental committee on carbon markets during COP28 in December 2023. He appointed Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), and Dr. Dahiru Salisu, Director General of the National Council on Climate Change (NCCC), as co-chairs of the committee.
Accompanying the co-chairs are representatives from various government ministries and departments, including Finance, Environment, Industry, Trade and Investment, Power, Agriculture and Food Security, as well as the Special Advisor to the President on Climate & NEC, and the Managing Director of the Nigeria Sovereign Investment Authority.
The committee’s mandate encompasses the formulation of a comprehensive plan to position Nigeria as an attractive investment destination by driving investments in innovative, green, and sustainable initiatives across diverse sectors. Emphasis is placed on establishing high-integrity and credible carbon credits, while prioritizing the inclusion of local communities and indigenous groups.
One notable initiative under the plan is the Electric Buses Rollout Programme, initiated by President Tinubu. This program will serve as a pilot project for generating carbon credits, demonstrating Nigeria’s commitment to leveraging carbon markets to finance sustainable development.
President Tinubu underscored the strategic significance of the initiative, stating, “Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.”
Zacch Adedeji, Co-Chair of the National Carbon Market Activation Plan, emphasized Nigeria’s dedication to unveiling innovative, clean, and sustainable initiatives across various sectors.
