President Bola Ahmed Tinubu has given formal approval to Nigeria’s Carbon Market Framework, a development expected to strengthen the country’s role in the global climate economy and attract billions of dollars in green investment.

The Director General of the National Council on Climate Change, Mrs Omotenioye Majekodunmi, disclosed this while speaking to journalists in the United Arab Emirates on the sidelines of the Abu Dhabi Sustainability Week.

She explained that the framework establishes a clear regulatory and institutional foundation for carbon trading in Nigeria, creating opportunities for local and foreign investors to finance climate-friendly projects and generate carbon credits.

She described the development as a clear signal that Nigeria is now fully open for climate-focused business and investment.

“With the final approvals in place, Nigeria is officially ready to do business. We are now positioned to begin seeing real returns. The carbon market alone is valued at over $3.8 billion in potential investments annually,” she said.

The Carbon Market Framework is managed by the NCCC, an agency created under the Climate Change Act of 2021 and housed within the Presidency.

The Act designates the President as Chairman of the Council, with the Vice President serving as Vice Chairman.

The NCCC DG noted that the framework’s approval underscores President Tinubu’s commitment to integrating climate action as a central pillar of his Renewed Hope Agenda.

Mrs. Majekodunmi further revealed that Nigeria has already attracted significant interest in carbon-related projects, noting that since the first approvals were granted in October, the Council has received between 3,000 and 4,000 applications.

She highlighted that the carbon market offers opportunities across multiple sectors, including renewable energy, clean cooking, reforestation, climate-smart agriculture, and sustainable infrastructure.

The NCCC Director General also emphasized that Nigeria’s participation in the Abu Dhabi Sustainability Week is part of ongoing efforts to strengthen international partnerships, particularly with the United Arab Emirates.

’We see a lot of potential for collaboration in renewable energy, sustainable finance, climate technology, and carbon markets. And as such, the Abu Dhabi Sustainability Week provides the right platform to be able to deepen this relationship and this partnership to get real impact,’’ she said.