Shettima to Unveil Team to Unlock $2.5bn Green Economy Opportunity Today

Kayode Tokede

Nigeria’s Vice President, Senator Kashim Shettima, will today at the Presidential Villa, Abuja inaugurate the committee that has been directed by President Bola Ahmed Tinubu to develop Nigeria’s Carbon Market Activation Plan.  The Inter-governmental committee is expected to guide the development of a National Carbon Market Activation Plan that will accelerate green growth and just energy transition

The Federal Government of Nigeria, supported by the Africa Carbon Market Initiative (ACMI), will be working towards the implementation of a co-created blueprint aimed at positioning the country with the requisite frameworks and policies to drive an efficient and sustainable carbon market ecosystem with an estimated value of $2.5 billion.

President Bola Tinubu previously announced the creation of the inter-governmental committee on carbon markets at COP28 in December 2023, and appointed the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and the Director-General of the National Council on Climate Change (NCCC), Dr. Dahiru Salisu, to co-chair the committee.

The co-chairs will be joined by representatives from the Ministry of Finance/ Coordinating Minister of the Economy, The Ministry of Environment, The Ministry of Industry, Trade and Investment, The Ministry of Power, The Ministry of Agriculture and Food Security, The Special Advisor  President on Climate & NEC , The Managing Director, Nigeria Sovereign investment Authority. 

The committee members, according to a statement, have been tasked with ensuring the forthcoming plan offers a roadmap for making Nigeria an attractive hub for investors by focusing on driving investments in innovative, green and sustainable initiatives across diverse sectors, with a focus on establishing a high-integrity and credible carbon credits. The plan also aims to ensure the inclusion of local communities and indigenous groups.

“The current Electric Buses Rollout Programme is a concrete example of how the government is committed to using carbon markets to finance sustainable development. This pilot launched by President Tinubu will be used as one of the pilot projects for generating carbon credits, “the statement said.