The Nigerian federal government under the administration of Tinubu has expressed optimism about the Nigeria Carbon Market Activation Policy (NCMAP), projecting that it could unlock a carbon market valued between $736 million and $2.5 billion by 2030.
This announcement was made by Nura Rimi, Permanent Secretary of the Ministry of Industry, Trade, and Investment, during the Corporate Climate Action event on Carbon Markets at the 79th UN General Assembly in New York.
According to Rimi, NCMAP aims to create between 600,000 and 2.3 million green jobs for young people, tap into a carbon market potential of $736 million to $2.5 billion by 2030, and promote sustainable development in Nigeria and across Africa.
Rimi described NCMAP as a transformative initiative designed to establish a robust carbon market, providing a structured environment for both local and foreign investment while driving sustainable economic growth.
“The policy is backed by the federal government’s commitment to climate resilience and socio-economic progress,” he stated.
“NCMAP is not merely a policy framework; it is a bold declaration of our commitment to a resilient, sustainable future for Nigeria and the African continent. It is a clarion call for collective action and investment in our shared future.”
“Our efforts in establishing the NCMAP reflect our ambition to create a replicable model for carbon market development across Africa,” he said.
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Mr. Rimi stated that under Bola Tinubu’s leadership, Nigeria seeks to establish itself as a leader in tackling climate-related challenges.
He explained that the NCMAP is designed to create a transparent framework for trading carbon credits, offering a structured platform to attract both domestic and international investments.
He added that the Federal Ministry of Industry, Trade, and Investment would ensure that the NCMAP incorporates incentives to stimulate industrial growth and trade, fostering a conducive environment for private sector participation and bolstering investor confidence in sustainable business practices.
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