Federal Government is targeting $2.5 billion opportunities in Green Economy, it was learnt.

Vice President Kashim Shettima will, today, in Abuja inaugurate the committee directed by President Bola Tinubu to develop the Carbon Market Activation Plan.

The committee will guide development of a National Carbon Market Activation Plan to accelerate green growth and energy transition.

The Federal Government, supported by Africa Carbon Market Initiative (ACMI), will work towards implementation of a co-created blueprint at positioning Nigeria with requisite frameworks and policies to drive a sustainable carbon market ecosystem with $2.5 billion.

Tinubu had announced creation of the committee at COP28 in December, and appointed Executive Chairman o f Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and Director-General of National Council on Climate Change (NCCC), Dahiru Salisu, as co-chair.

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The duo will be joined by representatives from ministries and departments as part of National Carbon Market Activation Plan Committee.

Members are to offer a roadmap for making Nigeria an attractive hub for investors by focusing on driving investments in innovative, green and sustainable initiatives across sectors.

The current Electric Buses Rollout Programme is an example of how government is committed to using carbon markets to finance development.

Speaking at COP28, President Tinubu said: “This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.”

Adedeji, Co-Chair of the National Carbon Market Activation Plan, said: “In the immediate term, Nigeria will proudly unveil a series of innovative, clean, modern, and sustainable initiatives across diverse sectors.

“These initiatives are strategically designed to not only address climate change-related challenges but also to position Nigeria as an attractive destination for global investments.”