President Bola Ahmed Tinubu has approved the full implementation of Nigeria’s carbon market framework, a major climate policy initiative projected to generate at least $3 billion in annual revenue by 2030.
The approval was announced on Thursday by the Special Assistant to the President on Social Media, who disclosed the development via his verified X account, @DOlusegun. He described the move as a strategic step toward positioning Nigeria as a key participant in the global carbon trading market.
The new framework is expected to drive large-scale trading in emission allowances across critical sectors of the economy, creating new revenue opportunities while strengthening Nigeria’s commitment to climate action.
Under the policy, the Federal Government will establish a national carbon registry, require companies to report their emissions, and introduce phased compliance measures in line with Nigeria’s international climate commitments.
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The plan also outlines interim targets for emissions reduction by 2035, with the broader goal of achieving net-zero emissions by 2060.
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To encourage private sector participation, the framework includes a range of incentives such as tax exemptions of up to 10 years on earnings from carbon credits, accelerated capital allowances for investments in low-carbon technologies, and tax deductions for research and development focused on reducing emissions.
Government officials say these incentives are designed to remove longstanding barriers to carbon market investments and attract both local and international funding into Nigeria’s green economy.
The initiative reflects the Tinubu administration’s efforts to diversify national revenue sources, promote environmentally sustainable development, and enhance Nigeria’s competitiveness in the rapidly expanding global carbon economy.
