Nigeria to access $3bn annually as Tinubu advances climate finance agenda ahead of COP30
Abdullateef Fowewe
President Bola Tinubu has set a bold agenda for Nigeria’s participation in the global carbon market, aiming to unlock up to $3 billion annually in climate finance over the next decade.
This was revealed in a statement on Friday by the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha.
This move comes ahead of the 30th United Nations Climate Change Conference (COP 30) in Brazil.
The President approved the adoption of a National Carbon Market Framework, the operationalization of the Climate Change Fund, and restoration of the National Council on Climate Change (NCCC) budget line.
These measures aim to “properly position Nigeria to leverage opportunities in the global carbon market and be more active in the climate change ecosystem.”
Vice President Kashim Shettima, representing President Tinubu at the council meeting, highlighted the focus:
“We will continue to champion policies that protect our people, strengthen our economy and position Nigeria as a destination for green investment and innovation.”
The President underlined that climate action is more than environmental responsibility; it is an opportunity to boost investments, jobs, and innovations across Nigeria’s energy, agriculture, and industrial sectors.
“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.
“We have demonstrated this commitment through our active participation in the UNFCCC process, our progress towards implementing our nationally determined contributions and our efforts to mobilise climate finance for adaption and mitigation across all levels of government.”
Director-General of the NCCC, Omotenioye Majekodunmi, described the council’s approval as timely and crucial to mobilising the technical leadership needed to translate climate goals into measurable results.
She highlighted that Nigeria is now eligible to access new climate finance rounds from multilateral funds and requested urgent adoption of key frameworks to unlock finance.
The Minister of Finance, Wale Edun, assured the council of full ministerial support, including the establishment of a quarterly Climate Finance Tracking Dashboard to monitor progress and funding flows.
