The “pioneering initiative” is to “significantly” reduce Nigeria’s carbon footprint and modernize the country’s transportation systems,” Tinubu said in Dubai, United Arab Emirates, on the margins of the COP28 climate summit.

”This initiative stands as a testament to our dedication to environmental stewardship as clearly exemplified through our collaboration with the Africa Carbon Market Initiative. Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments,” presidential spokesman Ajuri Ngelale quoted his principal as saying.

”We recognize the imperative of fostering an environment that not only attracts investment but also upholds standardized and sustainable industrial practices. As a manifestation of our forward-thinking approach, we are actively looking to implement robust, enabling policies and frameworks that will serve as the catalyst for the burgeoning growth of the carbon market within our national borders.”

President Tinubu also appointed the Executive Chairman of the Federal Inland Revenue Service (FIRS) Zacch Adedeji and the Director-General of the National Council on Climate Change (NCCC) Dahiru Salisu to co-chair the Nigeria Carbon Market Activation Plan.

While the move is part of efforts to position Nigeria and Africa as the pioneering frontier of green manufacturing and industrialization, Tinubu is urging other countries on the continent to follow suit.

”As we unveil our initiatives, I challenge other nations to emulate our strides in mapping out their sustainable futures with a clear understanding that Africa is a beacon of innovative solutions to climate-related challenges,” he said.

Tinubu said Nigeria’s “plans for a greener and cleaner economy can serve as an inspirational narrative for nations worldwide”.

“Our comprehensive approach, rooted in visionary leadership and pragmatic action supported by our technical partners, is poised to become a blueprint for countries aspiring to also develop and catalyze their markets for sustainable growth,” the president added.

 He emphasized that Nigeria’s plans for a greener economy could inspire nations worldwide, presenting a comprehensive approach as a blueprint for sustainable growth.