At the COP30 climate summit in Belém, Brazil, Nigeria announced a bold aim: “Through our National Carbon Market Framework and Climate Change Fund, we aim to mobilise up to three billion US dollars annually in climate finance,” declared Vice President Kashim Shettima. These resources will be channelled into community-led reforestation, blue carbon initiatives and sustainable agriculture.
Representing President Bola Ahmed Tinubu, Shettima told delegates that Nigeria’s climate agenda is anchored in “restoring balance between nature, development and economic resilience.” He urged global partners to recognise that nature is an asset with economic value and to deliver predictable, accessible funding. He stressed that countries which benefited from centuries of extraction must now lead in restoration.
Under Nigeria’s 2021 Climate Change Act, nature-based solutions are a legal obligation of the state. Shettima outlined several ongoing initiatives: the Great Green Wall Initiative is re-greening degraded lands across 11 states and granting green jobs; a Forest Landscape Restoration Plan targets over 2 million hectares by 2030; and a Marine & Blue Economy Policy promotes climate-smart fisheries and coastal protection. He emphasised that Africa should be seen not as a victim of climate change but as a key part of the solution, pointing to its vast forests, peatlands, mangroves and other carbon sinks, as well as a young population capable of innovation.
Shettima called for global mechanisms such as debt-for-nature swaps and blue carbon markets under Article 6 of the Paris Agreement, stressing cooperation with the Global South is critical. He concluded: “Nigeria believes that COP30 must mark the beginning of a new compact; one that recognises Africa’s ecosystems as global assets deserving of global investment and protection.”
The announcement comes as Nigeria finalised its Carbon Market Activation Policy earlier this year, expected to unlock up to $2.5 billion in high-integrity carbon credits and investments by 2030. Nigeria also plans to launch a Global Climate Change Investment Fund, blending public and private capital to de-risk green infrastructure and finance scalable clean energy solutions. These steps reflect a shift from simply responding to climate risks to actively leveraging nature-based solutions as investment opportunities.
Mobilising $3 billion annually in climate finance positions Nigeria to tap into the global green economy, potentially boosting job creation, diversifying revenue streams away from oil-dependence and reducing fiscal strain from climate impacts. But given a climate finance gap estimated at $27 billion annually, scale and credibility of mechanisms will matter.
