The Federal Government has set an ambitious target of mobilizing up to $25 billion in climate finance by 2030 as part of its comprehensive plan to achieve economy-wide climate governance and accelerate the nation’s transition toward net-zero emissions.
Director-General of the National Council on Climate Change (NCCC), Mrs. Omotenioye Majekodunmi, disclosed this at a press conference over the weekend, noting that Nigeria’s Carbon Market Framework has been finalized and will soon be presented to the Federal Executive Council (FEC) for approval.
Majekodunmi explained that the newly submitted Nationally Determined Contribution (NDC 3.0) marks a significant shift from previous versions, moving beyond the “business-as-usual” approach to a more ambitious absolute economy-wide emission reduction strategy. She said the new framework outlines clearer, better-defined targets backed by a detailed investment plan for accelerated implementation.
According to her, Nigeria aims to achieve a 32.2% reduction in emissions compared to the 2018 baseline, while lowering the deforestation rate by 60%, equivalent to a mitigation potential of 304.8 MtCO₂eq. The plan also includes installing 7 GW of captive generation capacity—half renewable and half natural gas—as part of a balanced “Energy Mix Plan” on the country’s path to net-zero by 2060.
“For the first time, ‘Health’ and ‘Action for Climate Empowerment’ have been included as priority sectors in our NDC3.0, reflecting our commitment to inclusive, economy-wide climate action,” she stated.
To deliver on these commitments, Majekodunmi said the government is pursuing $20–25 billion in climate financing through green bonds, blended finance, and public-private risk-sharing mechanisms. Nigeria, she added, seeks to unlock $7–10 billion in grants and concessional funding from international partners while promoting technology transfer and sustainable investment.
On preparations for the 30th Conference of the Parties (COP30) of the UN Framework Convention on Climate Change (UNFCCC) scheduled for November 10–21, 2025, in Belém, Brazil, Majekodunmi announced the launch of an electronic portal for registration of ministries, private sector players, and organizations seeking to host side events at the Nigerian Pavilion.
“We’re leveraging digital tools to minimize paper use and reduce our carbon footprint—demonstrating government leadership in sustainable practices,” she said.
Majekodunmi also highlighted the launch of a robust Monitoring, Reporting, and Verification (MRV) system aligned with global standards to track progress, ensure transparency, and attract credible climate finance.
“The MRV system will strengthen accountability, enhance investor confidence, and support the generation of high-integrity carbon credits in Nigeria,” she added.
