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Nigeria inaugurates Intergovernmental Carbon Market Activation Plan Committee

Vice-President (Senator) Kashim Shettima

*The Federal Government assures that Nigeria will benefit from the $2.5 billion carbon market, attract crucial investments, catalyse emission reduction, and foster sustainable development in fulfillment of President Bola Ahmed Tinubu’s pledge to reduce Nigeria’s carbon footprint in the economy

Gbenga Kayode | ConsumerConnect

Vice-President (Senator) Kashim Shettima has inaugurated the Intergovernmental Committee on Carbon Market Activation Plan, for Nigeria to create a blueprint to drive an efficient sustainable carbon market ecosystem.

The Federal Government said VP Shettima performed the ceremony Thursday, March 7, 2024, in the State House, Abuja, FCT, in fulfillment of President Bola Ahmed Tinubu’s earlier pledge of reducing the West African country’s carbon footprint.

ConsumerConnect reports the Federal Government , on the project, plans with collaboration and support of the Africa Carbon Market Initiative (ACMI) to tap from the carbon market which has an estimated value of $2.5 billion.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of The Vice President) also stated the inauguration of the Committee chaired by Mr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), followed the creation of the Intergovernmental Committee on Carbon Markets by President Tinubu, at the COP28 held December 2023.

Shettima, while inaugurating the Committee, disclosed the move is a justification of the Tinubu administration’s focus on natural gas as a transition fuel.

The Vice-President noted that the Intergovernmental Committee on carbon market stands as a testament to the Federal Government’s dedication to developing a national carbon market strategy, the statement said.

Shettima further disclosed that the initiative would attract crucial investments, catalyse emission reduction and foster sustainable development in alignment with President Tinubu’s promise to the nation.

He equally stated: “However, 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.

“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.”

The Vice-President stated: “This justifies our focus on natural gas as a transition fuel alone site investment in renewable energy sources.

“Our mission is to meet the needs of the present while safeguarding the future.”

He as well explained: “The sincerity of our commitment to coordinating carbon-related market plans and initiatives has never been in doubt.

“The Intergovernmental Committee on carbon market stands as a testament to our dedication to developing a national carbon market strategy.”

The implementation of the carbon market mechanism, Shettima said, represents a radical shift, stressing that each and every member of the committee must consider the initiative as a call for collaboration, innovation and collective action.

He also noted in this address: “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.

“What we are making here is 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 for the climate finances of Nigeria and Africa at large.”

Earlier, in his remark at the event, Adedeji, Co-Chairman of the Committee, had said the initiative holds immense promise for Nigeria’s sustainable future.

The FIRS Executive Chairman commended the Vice-President Shettima for his unwavering support and commitment to driving Nigeria’s carbon market agenda forward.

He assured that the committee would work hand-in-hand with the African carbon market initiative to harness Nigeria’s vast carbon potential which exceeds $2 billion.

Also speaking during the ceremony, Dr. Salisu Dahiru, Director-General of the National Council on Climate Change, said the Committee had swung into action since December 2023, when President Tinubu established it on the sidelines of COP28 in Dubai, United Arab Emirates (UAE).

Dahiru explained that the issue of carbon market and trading is axiomatic to any country’s mitigation as well as adaptation efforts in terms of what it needs to do to contribute to global efforts for managing climate change, noted the statement.

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