Ahead of the 30th United Nations Climate Change Conference (COP30) in Brazil, President Bola Ahmed Tinubu has approved the adoption of a National Carbon Market Framework, operationalization of the Climate Change Fund, and the restoration of the National Council on Climate Change (NCCC) to the federal budget.
The measures are designed to strengthen Nigeria’s participation in the global carbon market and unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to support climate action and sustainable development.
The approvals followed a presentation by the Director-General of the NCCC, Mrs. Omotenioye Majekodunmi, during the Council’s second meeting held on Thursday evening at the Presidential Villa, Abuja.
Representing President Tinubu, Vice President Kashim Shettima said the initiatives reflect the administration’s determination to position Nigeria as a leading player in the global climate ecosystem and to harness opportunities for financing climate-resilient projects.
“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,” the President stated.
He added that the transition towards a carbon-driven economy would unlock new investments, create jobs, and spur innovation across energy, agriculture, and industrial sectors.
“We will continue to champion policies that protect our people, strengthen our economy, and position Nigeria as a destination for green investment and innovation,” Tinubu affirmed.
Earlier, Mrs. Majekodunmi said the Council’s deliberations were timely, coming ahead of COP30 in Belem, Brazil, and would help determine how Nigeria is perceived globally in climate diplomacy.
She revealed that Nigeria is now eligible to access new rounds of climate finance from multilateral funds, adding that the National Carbon Market Framework and Climate Change Fund are key to mobilizing resources for mitigation and adaptation projects nationwide.
The Council also requested the restoration of the NCCC budget line in the Federal Account Allocation Committee (FAAC) to ensure the financial sustainability of its operations.
Supporting the move, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the need for Nigeria to secure a strong foothold in the carbon finance landscape. He also announced plans to establish a quarterly Climate Finance Tracking Dashboard to coordinate and monitor progress.
With these approvals, Nigeria is setting a clear agenda ahead of COP30 — one that aligns economic growth with environmental responsibility while tapping into global climate financing opportunities.
