‘Repositioning economy for investments’ — Shettima inaugurates carbon market committee

Vice-President Kashim Shettima has inaugurated the intergovernmental committee on carbon market activation plan.

Shettima said this would drive an efficient and sustainable ecosystem.

In a statement issued by Stanley Nkwocha, his spokesperson, on Thursday, Shettima said the move “is in fulfillment of the promise made by President Bola Tinubu to reduce Nigeria’s carbon footprint as well as plans by the Federal Government, in collaboration and support of the Africa Carbon Market Initiative (ACMI), to tap from the carbon market which has an estimated value of $2.5 billion”.

Shettima said the initiative would attract critical investments, boost emission reduction plans and improve sustainable development.

The committee is chaired by Zacch Adedeji, executive chair of the Federal Inland Revenue Service (FIRS).

“However, the intervention we seek can’t be achieved unless the best minds of this nation come together to oversee our transition, and I have no doubt that we are on the right track, especially with the caliber of the technocrats that are in this room,” the vice-president said.

“We gather today as part of the broader initiative to position Nigeria and, by extension, Africa in green growth manufacturing and industrialisation.

“This justifies our focus on natural gas as a transition fuel alongside investments in renewable energy sources. Our mission is to meet the needs of the present while safeguarding the future.

“The sincerity of our commitment to coordinating carbon-related market plans and initiatives has never been in doubt.

“The intergovernmental committee on carbon market stands as a testament to our dedication to developing a national carbon market strategy.”

He noted that the implementation of the carbon market mechanism shows a radical shift, emphasising that each and every member of the committee must consider the initiative as a call for collaboration, innovation and collective action.

“Today, as we embark on the mission to translate innovative ideas from conference papers into tangible actions, we must recognise that our collaboration with the African carbon market initiative not only exemplifies our commitment to environmental stewardship but promises to reposition Nigeria as an investment-friendly destination for a high integrity carbon market,” he added.

“What we are making here is history that will expand our participation in the voluntary and compulsory carbon market.

“We are all aware that the carbon market offers a remarkable opportunity to unlock billions for the climate finances of Nigeria and Africa at large.”