By Emmanuella Oghenetega
In committed strides to position Nigeria as a major player in global climate finance and energy transition, the Federal Government through the Ministry of Petroleum Resources has inaugurated a Technical and Steering Committee on the creation and management of the Nigeria Green Climate Fund and Sovereign Carbon Credits.
Making this disclosure, was the Permanent Secretary of the Ministry of Petroleum Resources, Dr. Emeka Vitalis Obi, at the inauguration ceremony in Abuja.
Speaking, the Perm Sec described the initiative as a bold step towards integrating economic growth, energy security, and environmental responsibility.
He said, “We gather at a defining moment where energy security, climate responsibility, and economic resilience must no longer exist in silos.”
“This Committee’s work is not mere paperwork; it is economic statecraft, climate diplomacy, and a transition by design, not by external pressure.”
Dr. Obi explained that the Committee was constituted to design a financial, institutional, and regulatory framework that would enable Nigeria to access global climate capital, monetize emission reductions, and reposition the Ministry as a transition-energy and climate-smart institution, as provided for in the Petroleum Industry Act (PIA) 2021.
According to him, the global voluntary carbon market is projected to exceed $50 billion by 2030 and reach $1 trillion by 2037, yet Africa, which contributes less than three percent of global emissions, receives under five percent of international climate finance.
He emphasized that methane emissions, which are 84 times more potent than carbon dioxide, make Nigeria’s petroleum sector strategically central to global climate solutions.
He affirmed that, under Nigeria’s updated Nationally Determined Contributions, the country has pledged to cut emissions by 47 percent by 2030, equivalent to about 60 million metric tonnes, subject to international support.
He noted that gas flaring has reduced from 2.5 billion standard cubic feet per day in 2000 to about 700 million today, but still emits over 25 million metric tonnes of CO₂ equivalent annually. Properly captured and traded as carbon credits, this could earn Nigeria more than $500 million every year.
He added that the Nigeria Energy Transition Plan requires $1.9 trillion in investment by 2060, of which $410 billion must come from climate finance and carbon markets, underscoring the importance of the Committee’s work.
The Permanent Secretary said the Committee will design the institutional framework for the Nigeria Green Climate Fund, establish a sovereign carbon credit registry in line with UNFCCC standards, identify eligible projects such as gas flare capture and renewables, and propose sustainable financing and transparent revenue models.
He charged members to deliver their reports within 10 weeks, urging them to prioritize accuracy, patriotism, and institutional focus.
“History will not remember this Committee for the minutes of its meetings but for the systems it builds,” he said. “Let us seize this moment strategically and responsibly for the benefit of future generations.”
Earlier in his remarks, the Director of Midstream and Downstream, Mr. Mohammed Mohammed Abubakar, described the inauguration as a milestone in aligning Nigeria’s petroleum sector with global transition priorities.
He said the Ministry, in partnership with Black River Switzerland and other government institutions, is working to design and operationalize a credible carbon credit trading framework for the oil and gas industry.
He added that the partnership brings technical expertise in carbon asset development, emissions accounting, and verification systems to ensure transparency and compliance with international standards. Mr. Abubakar stressed that collaboration across government, private sector, and sub-national levels will be key to achieving success.
Membership of the committee were drawn from the Ministry of Petroleum Resources as follows: Mr. Mohammed Mohammed Abubakar ; Chairman, Tyendezwa, T. G, member, Sharang Aine Jennifer, member.
Others are: Mr. Emmanuel Okon, Mr. Chris Ugwuegbulam, Engr. Hozana Onakpoyovwire, Engr. Amamki Ephraim, Engr. Samson Izonfade, Engr. Ibrahim Musa Suleiman, Barr. Sokiepirim Soberekou, Engr. Andrew Uchendu, Amadi Ijeoma, Dr. Kingsley Uranta, Peter Ikpeme and Luka Timothy Agyo.
From the agencies under the supervision of the Ministry, the following members were drawn: Afolabi Abioye (NMDPRA), Hajara Abdulfatah (NUPRC), Michael Ivonso(NCCC) and Ransome Obem (Black River).
