Green Economy: Shettima Inaugurates Presidential Committee On $2.5bn Carbon Credit Market

The Vice President, Senator Kashim Shettima, will today inaugurate the committee that has been directed by President Bola Ahmed Tinubu to develop Nigeria’s Carbon Market Activation Plan.

The Inter-governmental committee, which is expected to guide the development of a National Carbon Market Activation Plan that will accelerate green growth and just energy transition, will be inaugurated at the Presidential Villa, Abuja

The federal government supported by the Africa Carbon Market Initiative (ACMI), will be working towards the implementation of a co-created blueprint aimed at positioning the country with the requisite frameworks and policies to drive an efficient and sustainable carbon market ecosystem with an estimated value of $2.5 billion.

President Bola Tinubu previously announced the creation of the inter-governmental committee on carbon markets at COP28 in December 2023, and appointed the executive chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, and the director general of the National Council on Climate Change (NCCC), Dr. Dahiru Salisu, to co-chair the committee.

Now, the co-chairs will be joined by representatives from the following government ministries and departments as part of the National Carbon Market Activation Plan Committee: Ministry of Finance/ Coordinating Minister of the Economy, Ministry of Environment, Ministry of Industry, Trade and Investment, Ministry of Power, Ministry of Agriculture and Food Security, Special Advisor  President on Climate & NEC , managing director, Nigeria Sovereign investment Authority.

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These committee members have been tasked with ensuring the forthcoming plan offers a roadmap for making Nigeria an attractive hub for investors by focusing on driving investments in innovative, green and sustainable initiatives across diverse sectors, with a focus on establishing high-integrity and credible carbon credits.

The plan also aims to ensure the inclusion of local communities and indigenous groups.

The current Electric Buses Rollout Programme is a concrete example of how the Government is committed to using carbon markets to finance sustainable development. This pilot launched by President Tinubu will be used as one of the pilot projects for generating carbon credits.

Speaking at COP28, President Tinubu said, “This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.”

Co-Chair of the National Carbon Market Activation Plan Zacch Adedeji, said, “In the immediate term, Nigeria will proudly unveil a series of innovative, clean, modern, and sustainable initiatives across diverse sectors. These initiatives are strategically designed to not only address climate change-related challenges but also to position Nigeria as an attractive destination for global investments.”