President Bola Tinubu has announced that Nigeria’s newly activated carbon market framework is expected to generate $2.5 billion to $3 billion annually over the next decade.
Speaking at the Abu Dhabi Sustainability Week, Tinubu highlighted the country’s efforts to strengthen climate governance.
This includes the adoption of the National Carbon Market Activation Policy and the launch of the National Carbon Registry to improve emissions reporting and verification.
“Nigeria feels at the heart of development opportunity.
“In this spirit, Nigeria has launched a climate and green industrialisation investment to unlock $20bn to $30 billion annually in climate finance,” the President said.
Tinubu cited the 2023 Electricity Act, which provides for decentralised, inclusive energy access to rural communities, off-grid health facilities, educational institutions, markets, and underserved areas.
He said the government is modernising Nigeria’s energy architecture to deploy sustainable power to these communities.
“Nigeria recognises the urgent need to deploy and advance technologies to improve green efficiency, modernise infrastructure, and accelerate the delivery of sustainable energy to underserved areas,” Tinubu said.
The World Bank is implementing a $750 million program to expand clean electricity access to over 17.5 million people.
Nigeria is seeking partnerships with developed nations on technology transfer, knowledge exchange, and innovation.