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 federal budget line.
The move aims to position Nigeria to access between $2.5 billion and $3 billion annually in carbon finance over the next decade, as the country prepares for the 30th United Nations Climate Change Conference (COP30) scheduled to hold in Belem, Brazil.
The approvals followed a presentation by the Director-General of the NCCC, Mrs. Omotenioye Majekodunmi, during the second meeting of the Council held on Thursday evening at the Presidential Villa, Abuja.
President Tinubu, represented by Vice President Kashim Shettima, said the new measures were designed to strengthen Nigeria’s capacity to participate effectively in global carbon markets and to advance climate resilience initiatives.
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He said addressing climate change presents not only an environmental obligation but also a major opportunity for Nigeria to attract green investments, create jobs, and drive innovation across key sectors such as energy, agriculture, and industry.
“Nigeria stands ready to take its rightful place as a global leader in climate action, ensuring that our voice and reality are heard and respected in international negotiations,” the President said. “We have demonstrated this commitment through our participation in the UNFCCC process, progress in implementing our nationally determined contributions, and efforts to mobilize climate finance for adaptation and mitigation.”
The President reaffirmed his administration’s commitment to integrating climate action into its national development agenda, saying policies that protect citizens, strengthen the economy, and promote green investments would remain a priority.
Earlier, the NCCC Director-General, Mrs. Majekodunmi, said the Council’s deliberations were timely ahead of COP30, noting that the outcomes would influence Nigeria’s global perception and determine the country’s ability to attract international support for its climate agenda.
She reported that Nigeria is now eligible to access new rounds of climate finance from multilateral funds. The Council, she added, had sought the adoption of the National Carbon Market Framework, activation of the Climate Change Fund, and reinstatement of the NCCC’s budget line under the Federation Account Allocation Committee (FAAC) to ensure financial stability.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, endorsed the recommendations, emphasizing the need for Nigeria to secure a strong position in the global carbon market. He also pledged the ministry’s collaboration with the NCCC to establish a quarterly Climate Finance Tracking Dashboard.
The meeting, chaired by Vice President Shettima on behalf of President Tinubu, is part of ongoing efforts to align Nigeria’s climate policies with the global agenda ahead of COP30 in Brazil.
