Shettima inaugurates committee to unlock $2.5bn Green Economy

Vice President 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 USD 2.5 billion.

President 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.

Now, the co-chairs will be joined by representatives from the following government ministries and departments as part of the National Carbon Market Activation Plan Committee: 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 to the President on Climate & NEC , The Managing Director, Nigeria Sovereign investment Authority.

The committee was tasked with developing 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 high-integrity and credible carbon credits. The plan also aims to ensure the inclusion of local communities and indigenous groups.

Speaking at COP28, President Tinubu said, “This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments,” Daily Trust reports.

Zacch Adedeji, Co-Chair of the National Carbon Market Activation Plan, said, “In the immediate term, Nigeria will proudly unveil a series of innovative, clean, modern, and sustainable initiatives across diverse sectors.”