ABUJA, Nigeria (FN) — The Nigerian government’s approval of a national carbon market framework, projected to unlock up to $3 billion annually in climate finance, has drawn a mix of praise, scepticism and calls for transparency from stakeholders across the country.
President Bola Tinubu approved the framework ahead of the United Nations Climate Change Conference (COP30) in Brazil, positioning Nigeria to participate in global carbon trading and attract sustainable investment. The plan also includes operationalizing the Climate Change Fund and restoring the National Council on Climate Change to the federal budget.
While government officials hailed the move as a milestone in Nigeria’s energy transition, reactions from civil society, climate experts and the private sector were more nuanced.
“This is a bold step toward climate finance leadership in Africa,” said Dr. Ifeoma Okeke, a climate policy analyst at the Centre for Environmental Governance. “But without robust verification and transparency, it risks becoming a paper tiger.”
Tunde Alabi, CEO of GreenGrid Energy Solutions, expressed optimism. “This opens the door for clean tech startups and carbon offset projects to thrive. If implemented well, it could transform Nigeria’s green economy,” he said.
Others were more cautious. Ngozi Eze, spokesperson for the Climate Justice Coalition, said the $3 billion projection may be overly ambitious. “We’ve seen frameworks approved before that never left the drawing board. Nigerians need to see real community impact, not just boardroom deals,” she said.
Youth climate advocates also weighed in. “Young people must be part of this carbon market conversation,” said Aisha Bello, founder of EcoRise Nigeria. “We’re the ones inheriting the climate crisis, and we deserve a seat at the table.”
An EU climate attaché in Abuja, who spoke on condition of anonymity, said the international community is watching closely. “Nigeria’s entry into the carbon market is significant. The global community will be watching how it balances ambition with accountability,” the official said.
The framework is expected to be a key talking point at COP30, where Nigeria will present its strategy for leveraging carbon finance to meet its climate goals.
