Vice President Kashim Shettima will today inaugurate a committee that will develop the country’s Carbon Market Activation Plan at the Presidential Villa, Abuja.

According to a statement, the intergovernmentalal committee is expected to guide the development of a National Carbon Market Activation Plan that will accelerate green growth and just energy transition.

The Federal Government of Nigeria, supported by the Africa Carbon Market Initiative, will be working towards the implementation of a co-created blueprint aimed at positioning the country with the requisite frameworks and policies to drive an efficient and sustainable carbon market ecosystem with an estimated value of $2.5bn.

President Tinubu previously announced the creation of the intergovernmental committee on carbon markets at COP28 in December 2023, and appointed the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji and the Director-General of the National Council on Climate Change, Dahiru Salisu, to co-chair the committee.

The co-chairs of the National Carbon Market Activation Plan Committee will be joined by representatives from the Ministries of Finance, Environment, Industry, Trade and Investment and Power.

Others that will be represented at the committee are the Ministry of Agriculture and Food Security, the Special Advisor President on Climate & NEC, and the Managing Director of Nigeria Sovereign Investment Authority.