The Federal Government has unveiled a $100 million Orteva Carbon Project, signaling a major push toward its green growth and sustainable development agenda.
The initiative, launched in collaboration with Orteva, the Delta State Government, and Eighth Versa, was announced on Tuesday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting with the project partners in Abuja.
According to a statement from the Federal Ministry of Finance on X (formerly Twitter), the project aims to unlock climate finance, generate carbon credits, and accelerate Nigeria’s transition to a low-carbon economy in line with global climate goals.
Commending the project, the minister described it as “a timely intervention fully aligned with President Bola Ahmed Tinubu’s vision of green growth and sustainable economic transformation.”
He stressed that initiatives of this scale are central to Nigeria’s Energy Transition Plan and will diversify revenue streams beyond oil, attract foreign exchange, and create jobs.
“With components ranging from mangrove conservation to 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,” the statement said.
FG restates commitment to climate finance
Edun reaffirmed the government’s commitment to building a transparent and well-governed carbon market framework, supported by clear pricing mechanisms and robust policy infrastructure.
“The Federal Government is committed to building a transparent carbon market framework with strong governance and pricing mechanisms,” Edun said. “For the private sector, this represents an opportunity to invest in projects that protect the environment while delivering long-term economic returns.”
The statement also reaffirmed the ministry’s readiness to provide the policy, fiscal, and credit-enhancement structures needed to attract both domestic and international financing.
The spokesperson said the Orteva carbon project signals Nigeria’s new economic frontier, where sustainability and profitability converge to power inclusive growth.
What you should know
In April, President Tinubu announced that Nigeria’s Carbon Market Activation Policy will unlock up to $2.5 billion in high-integrity carbon credits and associated investments by the year 2030.
Tinubu disclosed this during a high-level virtual dialogue on climate and the just transition, co-hosted by UN Secretary-General António Guterres and Brazilian President Luiz Inácio Lula da Silva, ahead of COP30 to be hosted by Brazil.
The policy is backed by Nigeria’s commitment to updating its Nationally Determined Contributions (NDCs).
