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NSIA Signs $50m Agreement With Vitol

by Mark Itsibor
3 years ago
in Business, News
NSIA
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Nigeria Sovereign Investment Authority (NSIA) has sealed a joint venture agreement with Vitol to invest in carbon avoidance and offsetting projects, the authority said in a statement.

 

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NSIA said it will commit $50 million into the new venture, saying the new venture is open to new investors as the partners develop the project pipeline.

 

NSIA said both parties would invest exclusively in projects in Nigeria, partnering with local non-governmental organisations to deliver high-quality projects that combine carbon offsetting with social benefits.

 

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“NSIA expects that the partnership with Vitol will be key to establishing and accelerating carbon reduction and avoidance in Nigeria by providing an enabling platform to trade carbon credits while channelling investments in sustainable projects to deliver emission-reduction results,” NSIA said.

 

It said the initiative would seek to mobilise voluntary market carbon capital from the partners and potentially third parties towards a more equitable energy transition for Africa.

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Managing director and chief executive officer, NSIA, Uche Orji, said the authority is committed to playing a leading role in advancing climate solutions that would reduce Nigeria’s carbon emissions.

 

He believes that the NSIA’s partnership with Vitol would be key to establishing and accelerating carbon reduction and avoidance in Nigeria.


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Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

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