President Bola Ahmed Tinubu has formally approved the Carbon Market Framework for Nigeria, a move expected to position the country as an active player in the global climate economy and unlock billions of dollars in green investments.
The Director General of the National Council on Climate Change (NCCC), Mrs. Omotenioye Majekodunmi, stated this while speaking with journalists in United Arab Emirates on the sidelines of the Abu Dhabi Sustainability Week.
Mrs. Majekodunmi said the approval provides a clear regulatory and institutional structure for carbon trading in Nigeria, enabling both local and international investors to develop and finance climate-friendly projects while earning carbon credits.
She described the development as a signal that Nigeria is now fully open for climate business.
“With the final approvals in place, Nigeria is officially ready to do business. We are now positioned to begin seeing real returns. The carbon market alone is valued at over $3.8 billion in potential investments annually,” she said.
The Carbon Market Framework operates under the National Council on Climate Change, an agency established by the Climate Change Act of 2021 and domiciled in the Presidency. Under the Act, the President serves as Chairman of the Council, while the Vice President is Vice Chairman.
According to the NCCC Director General, the approval reflects President Tinubu’s commitment to making climate action a core part of his Renewed Hope Agenda.
Mrs. Majekodunmi also revealed that Nigeria has already seen strong interest in carbon-related projects, stressing that since initial approvals were granted in October, the Council has received between 3,000 and 4,000 applications.
She noted that the carbon market presents opportunities across several sectors, including renewable energy, clean cooking, reforestation, climate-smart agriculture and sustainable infrastructure.
The NCCC DG also pointed out that Nigeria’s participation at the Abu Dhabi Sustainability Week is part of efforts to deepen international partnerships, particularly with the United Arab Emirates.
‘’We see a lot of potential for collaboration in renewable energy, sustainable finance, climate technology, and carbon markets. And as such, the Abu Dhabi Sustainability Week provides the right platform to be able to deepen this relationship and this partnership to get real impact,’’ she said.
Mrs. Majekodunmi added that technology transfer, innovation and local capacity development remain key priorities, with plans to strengthen Nigeria’s capabilities in clean energy systems, agriculture and climate-resilient infrastructure.
