The Federal Government on Thursday inaugurated an Intergovernmental Committee on Carbon Market Activation Plan with the mandate of exploring opportunities in Africa’s $2.5 billion carbon market for the nation’s economic development
The Vice President, Kashim Shettima, who inaugurated the committee on behalf of the President, Bola Tinubu, said the committee’s mandate was to develop a systematic blueprint for a sustainable carbon market.
A statement issued by the Vice President’s media aide, Stanley Nkwocha, indicated that the inauguration of the committed aligned with the President’s objective to minimize Nigeria’s carbon emissions and supported by the Africa Carbon Market Initiative, enhancing Nigeria’s stake in the $2.5 billion carbon market.
With the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, serving as the chairman of the group, Shettima pointed out that the committee’s formation was a follow up to the announcement by President Tinubu at COP28 in December 2023.
During the inauguration at the Presidential Villa, Abuja, Shettima maintained that the initiative was part of the administration’s strategy to use natural gas as a transitional fuel and the committee’s role in shaping a national carbon market strategy.
According to him, the plan is set to draw significant investments, facilitate emission reductions, and promote sustainable growth in Nigeria.
The Vice President clarified: “However, the intervention we seek can’t be achieved unless the best minds of this nation come together to oversee our transition, and I do not doubt that we are on the right track, especially with the calibre of the technocrats that are in this room.
“We gather today as part of the broader initiative to position Nigeria and, by extension, Africa in green growth manufacturing and industrialisation. This underscores our commitment to sustainable development and environmental stewardship.
“This justifies our focus on natural gas as a transition fuel alone site investment in renewable energy sources. Our mission is to meet the needs of the present while safeguarding the future.
“The sincerity of our commitment to coordinating carbon-related market plans and initiatives has never been in doubt. The Intergovernmental Committee on Carbon Market stands as a testament to our dedication to developing a national carbon market strategy”, Shettima added.
Shettima further explained that the carbon market mechanism’s implementation signified a major shift, and urged the committee members to see their membership as a call for collaboration, innovation, and collective action.
He harped on the need for the nation’s 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.
The Vice President described the move as a historical step in enlarging Nigeria’s role in both voluntary and mandatory carbon markets, with the potential to unlock significant climate financing opportunities for the country.
