Nigeria’s carbon market to generate $3.8 billion in revenue —Onuigbo

Nigeria’s carbon market to generate $3.8 billion in revenue —Onuigbo

Climate change expert and former lawmaker Sam Onuigbo has said Nigeria’s carbon market has the capacity to generate over $3.8 billion in revenue, positioning the country as a key player in the global energy transition. Speaking after attending the Abu Dhabi Sustainability Week in the UAE, Onuigbo called on international investors to tap into Nigeria’s vast market potential, expressing confidence that President Bola Tinubu’s leadership would drive economic growth and prosperity within the emerging global energy economy.

Onuigbo emphasized that aligning Nigeria’s climate action with improved energy access would support both economic advancement and social development. He praised President Tinubu for securing the hosting of Investopia in Lagos, co-hosted with the UAE, noting that the event would boost Nigeria’s profile among global investors and accelerate sustainable investment inflows. He also highlighted the President’s active participation in high-level meetings during the sustainability summit as a sign of strong commitment to climate and energy issues.

Reflecting on Tinubu’s early policy actions, Onuigbo recalled the President’s assurance additionally to domestic and foreign investors of a business-friendly environment, including the easy repatriation of profits. He further pointed to the signing of the Electricity Act shortly after Tinubu assumed office as a major step toward energy sector reforms, job creation, and renewable energy development. These efforts, according to Onuigbo, culminated in the establishment of a Carbon Market Initiative Committee, co-chaired by senior government officials, to drive the development and regulation of Nigeria’s carbon market.