Nigeria has launched an initiative to mobilise up to $3 billion annually in climate finance. This is done through the National Carbon Market Framework and Climate Change Fund. The initiative aims to position Nigeria as a regional leader in sustainable and nature-positive investment across the Global South.
Vice President Kashim Shettima announced the plan during a high-level session on “Climate and Nature: Forests and Oceans” at the ongoing United Nations Climate Change Conference (COP30) in Belém, Brazil, where he represented President Bola Ahmed Tinubu.
Shettima said Nigeria’s climate strategy seeks to balance environmental protection with economic resilience and inclusive growth.
“Through our National Carbon Market Framework and Climate Change Fund, we aim to mobilise up to three billion US dollars annually in climate finance,” he declared. “These resources will be reinvested in community-led reforestation, blue carbon projects, and sustainable agriculture.”
The Vice President called for stronger international solidarity and scaled-up grant-based financing. He also urged developed nations to support innovative instruments such as debt-for-nature swaps and Blue Carbon Markets under Article 6 of the Paris Agreement.
“Nature, forests, oceans, and landscapes are shared global assets that must be protected through predictable, equitable, and accessible funding,” he said. “We call on our global partners to recognise the economic value of nature and to channel significant finance towards protecting and restoring it.”
Shettima also underscored the climate injustice faced by developing countries, noting that those who have contributed least to global emissions suffer the most severe impacts.
“Countries that have benefited more from centuries of extraction must now lead in restoration,” he asserted.
Nigeria’s climate finance framework is expected to serve as a model for integrating carbon markets, environmental restoration, and community development, reinforcing its commitment to a just and sustainable transition.