President Bola Tinubu has approved the full implementation and operationalisation of the nation’s carbon market framework, a landmark policy projected to generate at least $3 billion annually by 2030.

Special Assistant to the President on Social Media, Dada Olusegun, who disclosed this on Thursday via his official X handle, @DOlusegun, described the move as a major step in positioning Nigeria at the forefront of global carbon trading.

According to him, the framework is expected to unlock large-scale transactions in emission allowances across key sectors of the economy, creating new revenue streams while advancing the country’s climate goals.

Under the new policy, the Federal Government will establish a national carbon registry, introduce mandatory emissions reporting for companies, and roll out phased compliance mechanisms aligned with Nigeria’s climate commitments including emissions reduction targets by 2035 and achieving net-zero by 2060.

To attract investment, the framework also provides tax exemptions on carbon-credit revenue for up to 10 years, accelerated capital allowances for low-carbon assets, and research and development deductions tied to emissions-reduction projects.

The measures are designed to eliminate long-standing structural risks that have discouraged investment in carbon markets, while strengthening Nigeria’s position as a climate-smart economy capable of attracting green finance and supporting sustainable development. (Arise News)