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FG sets blueprint for $2.5 billion carbon market with new committee 



Kashim Shettima 1

The Federal Government is paving the way for a substantial $2.5 billion carbon market by forming a new committee, as Vice President Kashim Shettima officially inaugurated the Intergovernmental Committee on Carbon Market Activation Plan on Thursday. 

The committee’s goal is to develop a systematic blueprint for a sustainable carbon market, as stated in a statement by Stanley Nkwocha, the Vice President’s spokesperson.  

This move aligns with President Bola Ahmed Tinubu’s objective to minimize Nigeria’s carbon emissions and is supported by the Africa Carbon Market Initiative, enhancing Nigeria’s entry into the lucrative $2.5 billion carbon market. 

Chaired by Mr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service, the committee’s formation follows its announcement by President Tinubu at COP28 in December 2023.  

During the inauguration at the Presidential Villa, Abuja, Shettima emphasized the administration’s strategy to use natural gas as a transitional fuel and the committee’s role in shaping a national carbon market strategy.  

This plan is set to draw significant investments, facilitate emission reductions, and promote sustainable growth in Nigeria. 

Shettima further noted the carbon market mechanism’s implementation signifies a major shift, urging committee members to view it as a call for collaboration, innovation, and collective action.  

He emphasized the transition from conference ideas to actionable steps, highlighting the partnership with the African carbon market initiative as a step towards environmental responsibility and positioning Nigeria as a prime destination for carbon market investment.  

This move, he stated, marks a historical step in enlarging Nigeria’s role in both voluntary and mandatory carbon markets, with the potential to unlock significant climate financing.