Bola Tinubu Approves Nigeria's $3bn Carbon Market Framework

Bola Tinubu, a prominent Nigerian politician, has given the green light for the full operationalization of Nigeria's carbon market framework. This initiative is expected to generate a minimum of $3 billion annually by 2030.

The framework, a landmark policy project, is aimed at positioning Nigeria at the forefront of global carbon trade. The plan includes the establishment of a national carbon registry and the introduction of mandatory emissions reporting for companies.

The Federal Government of Nigeria will roll out compliance mechanisms to align with the country's climate commitments, including emission reduction targets by 2035 and achieving net-zero emissions by 2060. The framework offers tax-exempt carbon credit revenue for a decade to accelerate capital flow and support low-carbon asset research and development.

This move is designed to eliminate long-standing structural risks that have hindered investments in the carbon market, ultimately strengthening Nigeria's position in the climate-smart economy capable of attracting green financial support for sustainable development.