Nigeria’s carbon market to generate $3.8 billion in revenue —Onuigbo 

From Okwe Obi, Abuja

Climate change expert and a former Member of the House of Representatives Sam Onuigbo, has said Nigeria’s carbon market has the potential of generating more than $3.8 billion in revenue.

Onuigbo, who spoke to some journalists after returning from the week-long Climate Change event, at the Abu Dhabi Sustainability Week (ADSW) in the United Arab Emirates, urged international investors to take advantage of Nigeria’s huge market, adding that with the leadership shown by President Bola Tinubu, the country would achieve great heights and attain financial prosperity in the emerging global energy economy.

According to the former chairman of House of Representatives Committee on Climate Change, by aligning the country’s climate action with energy access, Nigeria would achieve great economic goal and social development.

He therefore extolled President Tinubu’s exploits in attracting the hosting of Investopia in Lagos State next month alongside the United Arab Emirates as co-host, stressing that that event would further enhance the country’s efforts to attract global investors and accelerate sustainable investment inflows into the country.

Onuigbo, who is also a member of the Governing Board of the North East Development Commission (NEDC), noted how the President attended many high-level committee meetings on the side of the lines of the ADSW.

“You will recall that while taking over as Nigeria’s leader on May 29, 2023, President Tinubu invited domestic and foreign investors to take advantage of Nigeria’s huge market assuring that the investors and foreign business will easily repatriate their dividends and profits home.

“And, barely one week after taking office, the President signed into law the Electricity Act, where he promised speedy actions in energy renewal to ensure that the sector creates job opportunities for the youths,” he noted.

Also, he disclosed that the trail of President Tinubu’s steady delivery on the energy sector culminated in the establishment of the Committee on carbon Market initiate, for which he appointed Zack Adedeji of the Nigeria Revenue Service and Dr Salisu Dahiru then Director-General of the National Council on Climate Change as co-chairmen.

He explained that during the IRENA Assembly, which preceded the ADSW, Nigeria participated actively, stressing that from the proceedings at the agency, it was obvious that Nigeria has become a strong player on issues of energy transition and climate sustainability.