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VP Shettima Launches Presidential Committee for $2.5bn Green Economy

News Room 4 months ago 0 22

Today, at the Presidential Villa in Abuja, Vice President Senator Kashim Shettima will inaugurate the committee tasked by President Bola Ahmed Tinubu to craft Nigeria’s Carbon Market Activation Plan. This inter-governmental committee, directed to accelerate green growth and ensure a just energy transition, aims to develop a National Carbon Market Activation Plan.

Backed by the Africa Carbon Market Initiative (ACMI), the Federal Government of Nigeria is spearheading efforts to implement a co-created blueprint, aiming to establish frameworks and policies for a sustainable carbon market ecosystem valued at USD 2.5 billion.

President Tinubu initially announced the formation of the inter-governmental committee on carbon markets during COP28 in December 2023. The committee, co-chaired by Mr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), and Dr. Dahiru Salisu, Director-General of the National Council on Climate Change (NCCC), will now include representatives from various government ministries and departments. These include Finance/Coordinating Minister of the Economy, Environment, Industry, Trade and Investment, Power, Agriculture and Food Security, Special Advisor to the President on Climate & NEC, and the Managing Director of Nigeria Sovereign Investment Authority.

The committee’s mandate is to devise a comprehensive plan to attract investors by promoting investments in innovative, green, and sustainable projects across sectors. Emphasis will be placed on establishing credible carbon credits while ensuring the involvement of local communities and indigenous groups.

The ongoing Electric Buses Rollout Programme exemplifies the government’s commitment to financing sustainable development through carbon markets. President Tinubu launched this pilot project, which will generate carbon credits.

President Tinubu, speaking at COP28, emphasized the strategic importance of Nigeria becoming an investment-friendly destination for carbon market investments through collaboration with the Africa Carbon Market Initiative.

Zacch Adedeji, Co-Chair of the National Carbon Market Activation Plan, highlighted Nigeria’s imminent unveiling of innovative, clean, and sustainable initiatives across sectors. These initiatives aim not only to address climate change challenges but also to attract global investments to Nigeria.

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