The Federal Government has announced plans to establish a nationwide carbon market to drive economic and industrial development. Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, made this known during a ministerial briefing in Abuja, stating that discussions have already begun with the International Finance Corporation (IFC) to set up Nigeria’s carbon trading system.
A carbon market allows businesses to buy and sell carbon credits to offset their greenhouse gas emissions. This system is designed to encourage sustainability and combat climate change while attracting investments in clean energy solutions.
Dr. Oduwole emphasized that the ministry’s goal is to create policies and an enabling environment that will support businesses in adopting greener practices. She also highlighted the government’s commitment to supporting manufacturers, including access to affordable gas pricing, which could significantly reduce production costs.
The Tinubu administration has introduced a $200 billion intervention fund to support business growth. Of this, $50 billion is allocated as grants for small businesses, while $75 billion each has been set aside for Micro, Small, and Medium Enterprises (MSMEs) and manufacturers. The Bank of Industry is overseeing the fund’s management.
The minister also reiterated Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA), which aims to facilitate easier trade between African nations. She noted that Nigeria recently hosted AfCFTA’s Secretary-General, Wamkele Mene, to discuss implementation strategies with local business leaders.
With these initiatives, the government hopes to accelerate economic diversification and make Nigeria a key player in global trade and sustainable development.
