Nigeria Approves Carbon Market Framework, Positions Nigeria for $3.8bn Annual Green Investments
President Bola Ahmed Tinubu has approved Nigeria’s Carbon Market Framework, a policy decision expected to position the country as a key player in the global climate economy while unlocking billions of dollars in green investments annually.
The Director-General of the National Council on Climate Change (NCCC), Mrs. Omotenioye Majekodunmi, disclosed the development during an interview with journalists in the United Arab Emirates on the sidelines of the Abu Dhabi Sustainability Week.
According to Majekodunmi, the approval provides a clear regulatory and institutional foundation for carbon trading in Nigeria, allowing both local and international investors to develop and finance climate-friendly projects in exchange for carbon credits. She said the move signals that Nigeria is now fully open for climate-related business.
“With all final approvals secured, Nigeria is officially ready for business. The carbon market alone has the potential to attract over 3.8 billion dollars in investments annually,” she stated.
The Carbon Market Framework operates under the National Council on Climate Change, an institution established by the Climate Change Act of 2021 and domiciled in the Presidency, with the President as Chairman and the Vice President as Vice Chairman.
Majekodunmi noted that the approval aligns with President Tinubu’s Renewed Hope Agenda by integrating climate action with economic growth and sustainable development objectives.
She further revealed that investor interest has been strong, explaining that since initial approvals were granted in October, the Council has received between 3,000 and 4,000 applications for carbon-related projects.
The NCCC Director-General added that Nigeria’s carbon market presents opportunities across key sectors such as renewable energy, clean cooking solutions, reforestation, climate-smart agriculture and sustainable infrastructure development.
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She said Nigeria’s participation at the Abu Dhabi Sustainability Week is also aimed at strengthening international partnerships, particularly with the United Arab Emirates, to drive collaboration in renewable energy, sustainable finance, climate technology and carbon markets.
Majekodunmi concluded by emphasizing that technology transfer, innovation and local capacity development remain priorities as Nigeria seeks to build capacity in clean energy systems, agriculture and climate-resilient infrastructure.
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