By Abdullahi Lukman
Lagos State is set to launch Africa’s first subnational carbon exchange, the Lagos Carbon Exchange (LCX), which is expected to generate over $1 billion in revenue within 15 years from trading 1.2 million carbon credits.
The announcement was made by Titi Oshodi, Special Adviser to Governor Babajide Sanwo-Olu on Climate Change and Circular Economy, during the launch of the “80 Million Credit Float Project” on June 6, 2025 in Lagos.
The LCX will enable Lagos to monetize emissions reductions through certified carbon credits, with proceeds reinvested into clean energy, healthcare, green transportation, and climate-resilient social programmes.
The initiative is part of the broader 80 Million Credit Float Project, implemented with GreenPlinth Africa, which aims to distribute 80 million eco-loans and create 35 million green jobs nationwide.
Lagos Commissioner for Economic Planning and Budget, Ope George, highlighted that the project aligns with the state’s THEMES Plus Agenda and will help reduce indoor air pollution, improving health outcomes for women and children.
As part of the rollout, Lagos will distribute six million free clean cookstoves starting in June 2025 in Makoko to promote clean cooking technologies and reduce reliance on firewood and kerosene.
The project includes a “Pay-to-Cook” scheme providing households with N10,000 annually for adopting clean cooking, free health insurance for beneficiaries, renewable energy support for small businesses, and free food stores for vulnerable communities.
The initiative also allocates N1 billion yearly to all 57 local councils for green development, plans five sustainable projects annually across 1,000 communities, and targets planting 400 million economic trees to fight deforestation and food insecurity.
The project is overseen by a board chaired by Governor Sanwo-Olu, with Niger State Governor, Mohammed Umar Bago, as Deputy Chairman, and includes representatives from Nigeria’s geopolitical zones, private sector, NGOs, and development partners.
