The Federal Government has set an ambitious target to mobilize up to $25 billion in climate finance by 2030 as part of its broader strategy for economy-wide climate governance and low-carbon development.
Director-General of the National Council on Climate Change (NCCC), Omotenioye Majekodunmi, announced the plan at a press conference over the weekend, revealing that Nigeria’s Carbon Market Framework has been finalized and will soon be presented to the Federal Executive Council (FEC) for approval.
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Majekodunmi said the country’s latest Nationally Determined Contribution, NDC 3.0, represents a major shift from previous efforts, moving away from the “business-as-usual” approach to a more ambitious, absolute economy-wide emission reduction.
She explained that NDC 3.0 includes a 32.2 percent increase in emission reduction targets compared to the 2018 baseline and incorporates a stronger focus on mitigation, adaptation, and measurable outcomes.
According to her, the new targets aim to cut the national deforestation rate by 60 percent, offering a mitigation potential of 304.8 MtCO2eq., while expanding the use of cleaner energy through the installation of 7 gigawatts of new capacity—half from renewable energy and half from natural gas—as part of Nigeria’s “Energy Mix Plan” towards achieving net-zero emissions by 2060.
Majekodunmi added that, for the first time, health and “Action for Climate Empowerment” have been included as priority sectors under NDC 3.0, underscoring Nigeria’s commitment to an inclusive and economy-wide approach to climate action.
She said Nigeria plans to raise between $20 billion and $25 billion through climate finance instruments such as green bonds, blended finance, and public-private risk-sharing mechanisms, while seeking to unlock at least $7 billion to $10 billion in grants and concessional funding from global partners.
The NCCC Director-General also outlined Nigeria’s preparations for the 30th Conference of the Parties (COP30) to the United Nations Framework Convention on Climate Change (UNFCCC), scheduled for November 10–21, 2025, in Belém, Brazil.
She announced the launch of an electronic portal to register ministries, departments, agencies, and private-sector participants interested in organizing side events at the Nigerian pavilion during COP30.
Majekodunmi said the platform will reduce paper use and the country’s carbon footprint, allowing participants to apply and submit information entirely online.
She further disclosed the establishment of a new Monitoring, Reporting, and Verification (MRV) system aligned with international best practices to track Nigeria’s climate progress annually.
According to her, the MRV system will enhance transparency, accountability, and investor confidence, strengthening Nigeria’s capacity to attract high-integrity climate finance and generate credible carbon credits.
“The MRV system supports transparency and accountability in measuring and reporting our sectoral climate actions,” Majekodunmi said. “This will boost trust among investors and funding partners and help us meet our development and climate goals.” Nature News
