From Adanna Nnamani, Abuja
The Federal Government has taken a major step towards actualising its green growth and sustainable development agenda with the launch of the $100 million Orteva Carbon Project, designed to unlock climate finance, generate carbon credits, and accelerate Nigeria’s transition to a low-carbon economy.
Minister of Finance and Coordinating Minister of the Economy Wale Edun announced this on Tuesday in Abuja when he received a delegation from Orteva, in partnership with the Delta State Government and Eighth Versa, for strategic discussions on the project.
A statement issued by his spokesperson, Mr Mohammed Manga on Tuesday, quoted Edun describing the initiative as a timely intervention that aligns with President Bola Ahmed Tinubu’s vision of green growth and sustainable economic transformation.
The Minister noted that projects of this scale are central to Nigeria’s Energy Transition Plan, with the potential to diversify revenue streams beyond oil, attract foreign exchange, and create jobs.
With components such as mangrove conservation and biochar production, the project is expected to generate between $350 million and $2.8 billion in carbon credit revenue, positioning Nigeria as a leading hub for credible carbon trading in Africa.
Edun assured that the Federal Government remains committed to building a transparent carbon market framework with strong governance and pricing mechanisms.
“For the private sector, this represents an opportunity to invest in projects that protect the environment while delivering long-term economic returns,” he said.
The Ministry reaffirmed its readiness to provide the policy, fiscal, and credit-enhancement structures required to attract both domestic and international financing.
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