By Abbas Nazil
The Federal Government has launched a $100 million Orteva Carbon Project to accelerate Nigeria’s transition to a sustainable economy and unlock opportunities in climate finance.
The initiative, developed in partnership with the Delta State Government and Eighth Versa, was announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting with an Orteva delegation in Abuja.
According to a statement by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, the project aims to generate carbon credits, enhance environmental protection, and support Nigeria’s green growth agenda.
Edun described the project as a strategic step towards achieving President Bola Ahmed Tinubu’s vision of a diversified and environmentally sustainable economy.
He noted that large-scale initiatives such as this are crucial for implementing the Energy Transition Plan, which seeks to reduce dependence on fossil fuels, create new jobs, and attract foreign exchange.
“With components ranging from mangrove conservation to biochar production, the project is expected to generate between $350 million and $2.8 billion in carbon credit revenue,” the statement added, emphasizing Nigeria’s potential to become a leading carbon trading hub in Africa.
The minister further stated that the government is committed to developing a transparent carbon market framework, ensuring strong governance, fair pricing, and accountability.
He highlighted that the Orteva project presents significant opportunities for the private sector to invest in climate-resilient ventures that balance profitability with environmental protection.
Manga reaffirmed the ministry’s readiness to establish supportive fiscal, policy, and credit-enhancement mechanisms to attract both domestic and foreign investment.
He described the project as a landmark effort signaling Nigeria’s entry into a new economic frontier where sustainability and profitability drive inclusive growth.
