President Bola Ahmed Tinubu has approved Nigeria’s Carbon Market Framework, a policy move expected to position the country as a significant participant 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, disclosed this while speaking with journalists in the United Arab Emirates on the sidelines of the Abu Dhabi Sustainability Week.
According to her, the approval establishes a clear regulatory and institutional structure for carbon trading in Nigeria, creating an enabling environment for local and international investors to develop and finance climate-friendly projects while earning carbon credits.
She described the development as a strong signal that Nigeria is now fully open for climate-related 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,” Majekodunmi said.
The Carbon Market Framework is domiciled under the National Council on Climate Change, an agency created by the Climate Change Act of 2021 and housed in the Presidency. Under the Act, the President serves as Chairman of the Council, while the Vice President is Vice Chairman.
Majekodunmi noted that the approval underscores President Tinubu’s commitment to embedding climate action at the heart of his Renewed Hope Agenda.
She also revealed that Nigeria has already recorded strong interest in carbon-related projects. Since initial approvals were granted in October, the Council has received between 3,000 and 4,000 applications.
According to her, the carbon market offers opportunities across multiple sectors, including renewable energy, clean cooking solutions, reforestation, climate-smart agriculture and sustainable infrastructure.
Majekodunmi added that Nigeria’s participation at the Abu Dhabi Sustainability Week is part of broader efforts to strengthen 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. The Abu Dhabi Sustainability Week provides the right platform to deepen this relationship and partnership to achieve real impact,” she said.
She further emphasized that technology transfer, innovation and local capacity development remain key priorities, with plans underway to strengthen Nigeria’s capabilities in clean energy systems, agriculture and climate-resilient infrastructure.
