Follow Us on Google
By Oluseye Ojo
In a move aimed at accelerating green growth and just energy transition, Vice President Kashim Shettima, will today (Thursday) inaugurate a committee tasked with developing Nigeria’s Carbon Market Activation Plan.
The committee, directed by President Bola Tinubu, is set to guide the development of a blueprint that will position the country as a leader in the efficient and sustainable carbon market ecosystem with an estimated value of USD2.5billion.
The Federal Government of Nigeria, with the support of the Africa Carbon Market Initiative (ACMI), will work 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
The creation of the inter-governmental committee on carbon markets was first announced by President Tinubu at COP28 in December 2023. Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), and Dr. Dahiru Salisu, Director-General of the National Council on Climate Change (NCCC), were appointed as co-chairs.
They will be joined by representatives from various government ministries and departments to form the National Carbon Market Activation Plan Committee, including Ministry of Finance/ Coordinating Minister of the Economy; Ministry of Environment; Ministry of Industry, Trade and Investmen; Ministry of Power; Ministry of Agriculture and Food Security; as well as the Special Advisor to the President on Climate and NEC; and- Managing Director, Nigeria Sovereign investment Authority.
The committee’s main objective is to ensure that the forth- coming plan offers a roadmap for attracting investors and driving investments in innovative, green, and sustainable initiatives across diverse sectors. A key focus will be on establishing credible carbon credits and ensuring the inclusion of local communities and indigenous groups.
It has been stated that one concrete example of Nigeria’s commitment to using carbon markets to finance sustainable development, is the Electric Buses Rollout Programme, which is a pilot project launched by President Tinubu, towards generating carbon credits and serve as an attractive investment opportunity.
Speaking at COP28 in December 2023, President Tinubu emphassed Nigeria’s dedication to environmental stewardship and its collaboration with the Africa Carbon Market Initiative.
He said: “Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.”
