By Abbas Nazil
Nigeria can earn up to five billion dollars annually from carbon credit revenues generated by the 80 Million Clean Cookstoves Project, a flagship climate and energy initiative being implemented by Greenplinth Africa Limited.
This view was expressed by Babatunde Aina, Group Chief Financial Officer of Greenplinth Africa, during a media chat and stakeholders engagement held in Lagos, highlighting the project as the largest single clean cooking initiative in the world.
Aina explained that the project is structured to unlock Nigeria’s largely untapped potential in the global compliance carbon market, where carbon credits currently trade at about one hundred and four dollars per metric tonne, and that even at a conservative discounted compliance price, the initiative could generate sustained foreign exchange inflows and strengthen government revenues.
He noted that beyond federal revenue generation, states, local governments, host communities, and participating households would benefit through transparent carbon-revenue-sharing mechanisms, making the project inclusive and socially beneficial.
The cookstoves project aligns directly with Nigeria’s Nationally Determined Contributions under the Paris Agreement while addressing deforestation, household energy poverty, and public health challenges linked to traditional biomass cooking methods.
The initiative involves the free distribution of digitally metered clean cookstoves powered by non-charcoal biomass briquettes made from agricultural and factory waste, with the metering system tracking real-time cooking activity and carbon emissions avoided to ensure generated carbon credits meet international verification standards.
Unlike previous interventions, the project is fully financed through carbon markets rather than government budget allocations, making it fiscally sustainable and independent of federal spending constraints.
Implementation will commence fully in Lagos, Niger, Enugu, Nasarawa, Benue, Kebbi, Borno, and Delta states, with phased expansion to other parts of the country, while driving nationwide job creation with wages at least one hundred sixty-five percent above the national minimum wage, strengthening rural economies and health insurance funding.
Vice President and GMD of Greenplinth Africa, Victor Fodeke, described carbon as a new global currency, explaining how regulated carbon markets can generate significant economic value and reduce reliance on foreign borrowing, while promoting responsible tree planting, circular waste use, clean energy infrastructure, skills development, and sustainable economic transformation.
The Managing Director of LAPO Microfinance Bank Limited, Cynthia Ikponmwosa, reaffirmed support for the project, emphasizing its health, environmental, economic, and gender-empowering benefits, highlighting the role of strategic partnerships and green finance in driving sustainable development in Nigeria.
The 80 Million Clean Cookstoves Project positions Nigeria as a major player in global climate finance while simultaneously advancing economic diversification, job creation, and environmental sustainability nationwide.