President Bola Ahmed Tinubu has approved the adoption of a national carbon market framework, the operationalization of the Climate Change Fund, and the restoration of the National Council on Climate Change (NCCC) to the national budget.
The move comes ahead of the 30th United Nations Climate Change Conference (COP30), scheduled to hold in Belem, Brazil, and is aimed at positioning Nigeria to tap into the global carbon market for sustainable financing.
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According to the Federal Government, the initiative will enable Nigeria to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to support climate action, adaptation, and low-carbon development.
The approvals followed a presentation by the Director-General of the NCCC, Mrs. Omotenioye Majekodunmi, during the council’s second meeting held at the Presidential Villa, Abuja.
Represented by Vice President Kashim Shettima, President Tinubu said the measures were part of his administration’s commitment to leverage climate opportunities for economic growth.
“Nigeria stands ready to take its rightful place as a global leader in climate action, ensuring that our voice and our reality are heard and respected in international negotiations,” he said.
Tinubu added that addressing climate change was not just an environmental necessity but also an economic opportunity to attract new investments, create jobs, and drive innovation across the nation’s energy, agriculture, and industrial sectors.
Earlier, the NCCC Director-General said the meeting was timely ahead of COP30 and would determine how Nigeria mobilizes international support for its climate ambitions. She also announced that Nigeria is now eligible to access new rounds of climate finance from multilateral funds.
The council approved three key measures:
Adoption of the National Carbon Market Framework to guide Nigeria’s participation in emissions trading.
Operationalization of the Climate Change Fund for immediate mobilization and use of climate finance.
Restoration of the NCCC budget line in the annual FAAC allocation to ensure financial stability.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, backed the recommendations and pledged support from his ministry. He said a Climate Finance Tracking Dashboard will be established to monitor financial flows and impacts.
The move marks a major step toward Nigeria’s readiness for COP30, signaling a shift from policy formulation to practical climate financing that can benefit communities, the environment, and the economy.
