ABUJA – President Bola Tinubu’s recent approval of a National Carbon Market Framework and the operationalisation of a dedicated Climate Change Fund has been widely commended as a pivotal move for Nigeria’s economy and environmental future.
The decision, which also restores the National Council on Climate Change (NCCC) to the federal budget, has been praised by key architects of Nigeria’s climate policy. Rt. Hon. Sam Onuigbo, a prominent board member of the North East Development Commission and the sponsor of the landmark Climate Change Act of 2021, hailed the development.
In a statement to journalists in Abuja, Onuigbo stated that this action strategically positions Nigeria to tap into the global carbon market. He projected that the nation could unlock an estimated $2.5 billion to $3 billion annually in carbon finance over the next decade.
“This development should gladden the heart of every Nigerian,” Onuigbo said. “Nigerians should be excited because they can now look forward to new investments, jobs creation, and innovations across the nation’s energy, agriculture and industrial sectors.”
The approval signals a significant push towards a sustainable economy. Experts suggest that the framework will incentivize green technologies and sustainable practices, creating new employment opportunities in renewable energy, afforestation, and climate-resilient agriculture.
This move comes just ahead of the upcoming UN Climate Change Conference (COP 30) in Brazil, strengthening Nigeria’s diplomatic position and commitment to its national climate goals.
