Nigeria Targets $3 Billion Annually for Climate Finance at COP30 Summit

At COP30, Vice President Shettima revealed Nigeria's plan to target $3 billion in annual climate finance to enhance its response to climate change and attract global investments for a green economy. The Federal Government approved a national carbon market framework to drive initiatives and transition Nigeria's economy away from fossil fuels.

The goal is to unlock $2.5 to $3 billion in carbon finance annually, supporting the country's climate commitments. However, achieving this target will require transparent governance and a robust verification system.

This move is seen as a significant step towards bridging Nigeria's climate finance gap and meeting its climate goals.