Tinubu Approves Nigeria's Carbon Market Framework to Generate $3 Billion Annually by 2030

Former Nigerian Governor Bola Tinubu has endorsed the operation of Nigeria's carbon market framework, aiming to generate at least $3 billion annually by 2030. The framework overseen by Tenioy Majekodunmi of the Nation Council on Climate Change (NCCC) will facilitate carbon trading across various sectors, including energy, agriculture, forestry, and waste.

Nigeria already has 57 registered voluntary carbon projects, with a focus on emission reduction opportunities. The new framework seeks to expand the pipeline rapidly, ensuring international quality standards and oversight.

This move aligns with the global trend of increasing carbon credit supply and African nations' efforts to regulate carbon offset industries.