The Federal Government has unveiled an ambitious climate finance strategy, targeting $25 billion by 2030 to fund emission reduction and climate adaptation projects across the country.
Naija247news gathered that the announcement was made by the Director-General of the National Council on Climate Change (NCCC), Mrs. Omotenioye Majekodunmi, who also disclosed that Nigeria’s Carbon Market Framework has been finalized and is awaiting approval from the Federal Executive Council.
Naija247news understands that the new initiative is part of Nigeria’s updated Nationally Determined Contribution (NDC 3.0), which outlines the country’s commitments under the Paris Agreement to combat climate change.
According to Naija247news, the NDC 3.0 includes a target to cut greenhouse gas emissions by 32.2% from 2018 levels, reduce deforestation by 60%, and install 7 gigawatts (GW) of cleaner energy capacity as part of Nigeria’s transition toward achieving net-zero emissions by 2060.
Naija247news reports that the finalized Carbon Market Framework is expected to unlock private and international investment into Nigeria’s climate economy, especially through the generation and trade of verified carbon credits.
The NCCC also introduced a comprehensive Monitoring, Reporting, and Verification (MRV) system designed to improve transparency, attract international climate finance, and ensure accurate tracking of emission reductions and carbon market transactions.
Naija247news gathered that this MRV system aligns with global standards and will serve as a central tool to monitor progress, validate project outcomes, and boost Nigeria’s credibility on the global climate finance stage.
Mrs. Majekodunmi emphasized that mobilizing $25 billion by 2030 will require strong partnerships with development finance institutions, the private sector, and multilateral climate funds. She noted that Nigeria’s growing climate ambition is in line with global expectations and the country’s sustainable development goals.
Naija247news understands that Nigeria’s carbon market, once operational, could offer significant revenue opportunities for communities, companies, and state governments engaged in emission-reduction activities, such as renewable energy, sustainable agriculture, reforestation, and clean cooking technologies.
According to Naija247news, the upcoming Federal Executive Council approval of the framework is seen as a crucial step in transforming climate policy into actionable economic opportunities for Nigerians.
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Reporting by Agnes Ekebuike Editor, Naija247news in Lagos, Nigeria.
