Nigeria has approved a National Carbon Market Framework and activated key climate financing mechanisms as part of preparations for the 30th United Nations Climate Change Conference (COP30) scheduled to take place in Belem, Brazil later this year.
The approval, announced on Thursday at the second meeting of the National Council on Climate Change (NCCC) held at the Presidential Villa, Abuja, positions Africa’s largest economy to access between $2.5 billion and $3 billion annually in carbon finance over the next decade.
President Bola Ahmed Tinubu, represented by Vice President Kashim Shettima, also endorsed the operationalization of the Climate Change Fund and reinstatement of the NCCC on the national budget line to strengthen climate governance and funding flow.
According to the President, the measures are designed to enable Nigeria fully leverage opportunities in the global carbon market while advancing domestic climate resilience through green investments.
“Climate action will continue to be prioritized in our development agenda,” President Tinubu said. “Nigeria stands ready to take its rightful place as a global leader in climate action, ensuring our voice and reality are respected in international negotiations.”
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He emphasized that climate reforms are not just environmental obligations but an avenue to stimulate jobs, innovation and investments across energy, agriculture, and industry.
Nigeria Sets COP30 Agenda
Setting the tone for Nigeria’s engagement at COP30, Tinubu said the country will pursue expanded climate financing opportunities, particularly through carbon markets, while advancing adaptation and mitigation commitments.
Director-General of the NCCC, Mrs. Omotenioye Majekodunmi, who presented the Council’s report, stressed Nigeria’s readiness to access new rounds of multilateral climate funding.
She highlighted three key requests approved by the Council:
Adoption of the National Carbon Market Framework
Operationalization of the Climate Change Fund
Restoration of the NCCC budget line in federal allocation
Majekodunmi noted the decisions would influence global perception of Nigeria’s climate leadership and strengthen its ability to mobilize support for its net-zero ambitions.
Finance Ministry Backs Climate Push
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, endorsed the Council’s recommendations and pledged full support, including the establishment of a quarterly Climate Finance Tracking Dashboard to monitor inflows and deployment.
The approval marks one of the strongest signals yet of Nigeria’s commitment to positioning climate action at the core of its national development strategy, as the country prepares to join global leaders in Brazil to shape the next phase of international climate policy.