The Minister of Industry, Trade, and Investment, Jumoke Oduwole, has revealed plans to establish carbon markets across Nigeria to ensure economic and industrial development.
Ms. Oduwole made the announcement during a ministerial briefing by the Ministry of Information and Cultural Orientation on Tuesday in Abuja.
She explained that the ministry had already started discussions with the International Finance Corporation to set up Nigeria’s carbon markets for utilization and storage.
The goal, according to the minister, is to unlock sustainable finance that can support industrial growth. She explained that carbon markets involve a trading system where companies and individuals can buy and sell carbon credits to offset their greenhouse gas emissions, making it a key tool in combating climate change.
“I thought the carbon market was quite important, and it is a discussion that should be able to also provide an appropriate response to alternative energy,” Ms. Oduwole stated.
The minister emphasized that the ministry’s mandate is to create and maintain an enabling environment and regulations for the development and expansion of industry, trade, and investment in Nigeria.
“Therefore, this ministry facilitates the development of Nigerian businesses, regulatory and policy-wise, for it to be able to thrive,” she said, stressing the government’s commitment to supporting manufacturers.
Ms. Oduwole further noted that the administration of President Bola Tinubu had provided a $200 billion intervention fund to stimulate business growth in the country. This includes $50 billion allocated for manual businesses as grants, $75 billion for micro, small, and medium enterprises (MSMEs), and another $75 billion designated for manufacturers. She added that the Bank of Industry was managing these funds, and the ministry is working to ensure manufacturers benefit from affordable gas prices.
“I think this is likely to be the game changer that our manufacturers and our industrialists are also able to purchase gas the same way that it is done. When this happens, a lot of the matters about the high cost of commodities are going to be brought down,” she said.
Ms. Oduwole also highlighted that seven of the ministry’s eight-point agenda focus specifically on accelerating economic diversification. She reiterated the ministry’s role in creating and maintaining an environment conducive to the growth of industry, trade, and investment.
Additionally, the minister emphasized the ministry’s commitment to the strong implementation of the African Continental Free Trade Area (AfCFTA). She mentioned that Nigeria had the privilege of hosting the Secretary-General of AfCFTA, Wamkele Mene, and that some Nigerian businessmen had expressed support for its implementation. According to Ms. Oduwole, AfCFTA aims to make the movement of goods and services between countries easier and more cost-effective.
