Nigeria advances green economy with $100m Orteva Carbon Project

Nigeria advances green economy with $100m Orteva Carbon Project

Abdullateef Fowewe

The Nigerian Ministry of Finance announced a major stride in environmental and economic development on Tuesday with the unveiling of the $100 million Orteva Carbon Project.

The initiative, led by Orteva in partnership with the Delta State Government and Eighth Versa, aims to unlock climate finance, generate carbon credits, and accelerate Nigeria’s green economy.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, welcomed the project, describing it as “a timely intervention fully aligned with President Bola Ahmed Tinubu’s vision of green growth and sustainable economic transformation.”

He emphasised that initiatives of this scope are crucial to Nigeria’s Energy Transition Plan and will help diversify revenue streams beyond oil, attracting foreign exchange and creating jobs.

The project includes key components such as mangrove conservation and biochar production.

It is expected to generate carbon credit revenues ranging from $350 million to $2.8 billion, positioning Nigeria as a leading hub for credible carbon trading in Africa.

Edun highlighted the government’s commitment, saying, “The Federal Government is committed to building a transparent carbon market framework with strong governance and pricing mechanisms.”

He noted the private sector’s role, stating, “For the private sector, this represents an opportunity to invest in projects that protect the environment while delivering long-term economic returns.”

The Ministry of Finance reaffirmed its readiness to support the project with “policy, fiscal, and credit-enhancement structures needed to attract both domestic and international financing.”

This landmark initiative signals “Nigeria’s new economic frontier, where sustainability and profitability converge to power inclusive growth.”