NIgeria’s VP Shettima Launches Committee for $2.5B Carbon Market Activation


Vice President Kashim Shettima has officially inaugurated the Intergovernmental Committee on Carbon Market Activation Plan, fulfilling President Bola Tinubu’s commitment to reducing Nigeria’s carbon footprint. The committee, chaired by Mr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), is tasked with creating a blueprint for a sustainable and efficient carbon market ecosystem. This initiative aligns with the Federal Government’s collaboration with the Africa Carbon Market Initiative (ACMI) to tap into the estimated $2.5 billion carbon market.

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The committee’s inauguration follows President Tinubu’s establishment of the Intergovernmental Committee on Carbon Markets at COP28 in December 2023. Vice President Shettima emphasized that the move justifies the administration’s focus on natural gas as a transition fuel and demonstrates the government’s commitment to developing a national carbon market strategy.

Shettima highlighted that the initiative aims to attract investments, catalyze emission reduction, and promote sustainable development in line with President Tinubu’s promise to the nation. He urged committee members to consider the initiative as a call for collaboration, innovation, and collective action, emphasizing the need for a radical shift in implementing the carbon market mechanism.

The committee’s chairman, Mr. Zacch Adedeji, praised the Vice President’s unwavering support and commitment to advancing Nigeria’s carbon market agenda. He assured that the committee would collaborate with the African carbon market initiative to harness Nigeria’s significant carbon potential, exceeding $2 billion.

Dr. Salisu Dahiru, the Director-General of the National Council on Climate Change (NCCC), noted that the committee has been active since its establishment in December 2023, working on carbon market and trading issues crucial to Nigeria’s mitigation and adaptation efforts in addressing climate change.

Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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