By Abdullahi Lukman
The federal government is to establish nationwide carbon markets to drive economic and industrial development, Minister of Industry, Trade and Investment, Jumoke Oduwole, announced Tuesday.
This initiative, aimed at unlocking sustainable finance, is a key component of the ministry’s strategy to accelerate economic diversification.
The establishment of these carbon markets, which allow companies to trade carbon credits and offset greenhouse gas emissions, is a crucial step in addressing climate change and promoting alternative energy sources, according to Oduwole.
Discussions with the International Finance Corporation (IFC) have already begun to facilitate the establishment of these markets for carbon utilization and storage.
Speaking at a ministerial briefing, Oduwole emphasized the ministry’s mandate to create an enabling environment for businesses to thrive.
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She highlighted the government’s commitment to supporting manufacturers, citing President Bola Tinubu’s $200 billion intervention fund, which includes grants for manual businesses and funds for MSMEs and manufacturers.
The ministry is also working to secure favorable gas prices for manufacturers, a move expected to significantly reduce commodity costs.
Furthermore, the ministry is focused on the strong implementation of the African Continental Free Trade Area (AfCFTA), aiming to streamline trade and reduce costs for businesses across the continent.
Nigeria recently hosted AfCFTA Secretary-General Wamkele Mene, and Nigerian businessmen have expressed positive feedback on the implementation progress.
Oduwole outlined that seven of the ministry’s eight-point agenda are specifically designed to accelerate economic diversification.
The establishment of carbon markets is a pivotal strategy within this framework, aligning with global efforts to combat climate change while fostering sustainable industrial growth.
