- Kashim Shettima has launched Nigeria’s Intergovernmental Committee on Carbon Market Activation Plan.
- The Federal Government wants to tap into the $2.5 billion carbon market.
On Thursday, March 7, Nigeria’s Vice President Kashim Shettima officially launched the Intergovernmental Committee on Carbon Market Activation Plan to establish a comprehensive strategy for fostering an efficient and sustainable carbon market ecosystem.
This initiative is a direct response to President Tinubu’s commitment to reducing Nigeria’s carbon footprint. Additionally, the Federal Government, in collaboration with the Africa Carbon Market Initiative (ACMI), is actively working to leverage the carbon market, which is valued at approximately $2.5 billion.
The committee’s inauguration, led by Mr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), follows the establishment of the Intergovernmental Committee on Carbon Markets during President Tinubu’s announcement at COP28 in December 2023.
During the inauguration, VP Shettima said,
“The intervention we seek can’t be achieved unless the best minds of this nation come together to oversee our transition, and I have no doubt that we are on the right track, especially with the calibre of the technocrats that are in this room.
“The sincerity of our commitment to coordinating carbon-related market plans and initiatives has never been in doubt. The Intergovernmental Committee on Carbon Markets stands as a testament to our dedication to developing a national carbon market strategy.
“We gather today as part of the broader initiative to position Nigeria and, by extension, Africa in green growth manufacturing and Industrialisation. This underscores our commitment to sustainable development and environmental stewardship.
“Today, as we embark on the mission to translate innovative ideas from conference papers into tangible actions, we must recognise that our collaboration with the African carbon market initiative not only exemplifies our commitment to environmental stewardship but promises to reposition Nigeria as an investment-friendly destination for a high integrity carbon market.
“We are making history that will expand our participation in the voluntary and compulsory carbon market. We are all aware that the carbon market offers a remarkable opportunity to unlock billions in climate finance for Nigeria and Africa at large.”
Shettima noted that implementing the carbon market mechanism represents a radical shift, stressing that every member of the committee must consider the initiative as a call for collaboration, innovation and collective action.