The federal government has launched a $100 million carbon project in partnership with Orteva, the Delta State government, and Eighth Versa, marking a major step toward Nigeria’s green growth and sustainable finance agenda.
Announcing the initiative in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the project aligns with President Bola Tinubu’s drive to diversify the economy and accelerate the country’s transition to cleaner energy.
“This is a timely and strategic effort that supports the President’s vision for green growth and sustainable transformation,” Edun said. “Projects of this scale are crucial for implementing Nigeria’s energy transition plan, diversifying revenue beyond oil, attracting foreign exchange, and creating jobs.”
According to Mohammed Manga, director of information at the Ministry of Finance, the Orteva carbon project aims to unlock climate finance, generate carbon credits, and position Nigeria as a credible hub for carbon trading in Africa.
The initiative includes components such as mangrove conservation and biochar production, and is expected to generate between $350 million and $2.8 billion in carbon credit revenue over its lifetime.
Edun added that the federal government remains committed to establishing a transparent and well-governed carbon market, with clear pricing mechanisms and strong private-sector participation.
“For the private sector, this represents an opportunity to invest in projects that protect the environment while delivering long-term economic returns,” he said.
Manga noted that the finance ministry will provide the policy, fiscal, and credit-enhancement framework needed to attract both domestic and international investment.
“The Orteva carbon project signals Nigeria’s new economic frontier, where sustainability and profitability converge to power inclusive growth,” he said.
The project reinforces Nigeria’s push to tap into global carbon markets while driving environmental restoration, green job creation, and sustainable revenue generation across key sectors.
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