By Abbas Nazil
Nigeria’s carbon market has the potential to generate more than $3.8 billion in revenue, according to climate advocate Sam Onuigbo.
He revealed that the country’s recently unveiled Carbon Market Framework, praised by stakeholders at the Abu Dhabi Sustainability Week in the United Arab Emirates, signals a significant step forward in Nigeria’s climate action agenda.
Onuigbo emphasized that the framework reflects President Bola Tinubu’s consistent commitment to positioning Nigeria as a leading player in the emerging global green economy.
Speaking to journalists after returning from the week-long climate event, Onuigbo noted that since President Tinubu’s inaugural speech at Eagle Square on May 29, 2023, the administration has prioritized energy transition, climate sustainability, and the promotion of investment in clean technologies.
He highlighted that the successes recorded at the ADSW are the result of incremental initiatives in renewable energy and sustainable development championed by the President.
Onuigbo, who also serves on the Governing Board of the North East Development Commission, urged international investors to take advantage of Nigeria’s large and growing carbon market, emphasizing that the country’s leadership under Tinubu provides a stable environment for financial growth and green investments.
He stressed that aligning climate action with energy access could deliver substantial economic and social development benefits, and that Nigeria’s legislative framework, including the Climate Change Act 2021, has been instrumental in creating opportunities for domestic and foreign investors.
Onuigbo also praised the President’s active engagement at high-level international meetings, including hosting Investopia in Lagos State next month alongside the UAE, as a move to attract global investors and accelerate sustainable investment inflows into the country.
He recalled that early actions by the Tinubu administration, such as the signing of the Electricity Act shortly after taking office, demonstrated a commitment to renewable energy, job creation for youths, and investor confidence.
Onuigbo concluded that Nigeria is well-positioned to benefit from the global energy transition and the growing demand for sustainable investment, and called for continued support to ensure the carbon market reaches its full potential.
The announcement underscores Nigeria’s strategic efforts to integrate climate action with economic development, while leveraging international partnerships to advance the country’s green economy ambitions.
