Nigeria Moves Toward Carbon Trading as Tinubu Endorses New Framework

President Bola Ahmed Tinubu has given approval to Nigeria’s Carbon Market Framework, a decision expected to position the country as a key participant in the global climate economy while unlocking billions of dollars in green investments.
The Director-General of the National Council on Climate Change (NCCC), Mrs.

Omotenioye Majekodunmi, disclosed this in an interview with journalists in the United Arab Emirates on the sidelines of the Abu Dhabi Sustainability Week.
According to Mrs. Majekodunmi, the approval establishes a clear regulatory and institutional foundation for carbon trading in Nigeria, allowing both domestic and international investors to develop and fund climate-friendly projects in exchange for carbon credits.
She described the development as a strong signal that Nigeria is now fully open for climate-related business.
“With all final approvals secured, Nigeria is officially ready for business. We are now well positioned to begin recording tangible returns. The carbon market alone has the potential to attract over $3.8 billion in investments annually,” she said.
The Carbon Market Framework operates under the National Council on Climate Change, an institution created by the Climate Change Act of 2021 and domiciled in the Presidency. The Act designates the President as Chairman of the Council, while the Vice President serves as Vice Chairman.
Mrs. Majekodunmi noted that the approval underscores President Tinubu’s commitment to integrating climate action into his Renewed Hope Agenda.
She further revealed that interest in Nigeria’s carbon market has been significant, explaining that since initial approvals were issued in October, the Council has received between 3,000 and 4,000 applications for carbon-related projects.
She added that the carbon market offers opportunities across multiple sectors, including renewable energy, clean cooking solutions, reforestation, climate-smart agriculture, and sustainable infrastructure development.
The NCCC Director-General also said Nigeria’s participation at the Abu Dhabi Sustainability Week is aimed at strengthening international partnerships, particularly with the United Arab Emirates.
“We see enormous potential for collaboration in renewable energy, sustainable finance, climate technology and carbon markets. Abu Dhabi Sustainability Week provides the right platform to deepen these partnerships and achieve real, measurable impact,” she stated.
Mrs. Majekodunmi concluded by emphasizing that technology transfer, innovation and local capacity development remain top priorities, with ongoing plans to enhance Nigeria’s capabilities in clean energy systems, agriculture and climate-resilient infrastructure.