Nigeria’s carbon market has the potential to generate more than $3.8 billion in revenue, as the country steadily positions itself as a major player in the global green economy, according to Hon. Sam Onuigbo.

Onuigbo who is a climate change champion and former House of Representatives member attributed the growing international confidence in Nigeria’s climate action framework to the incremental energy transition initiatives of President Bola Ahmed Tinubu.

Speaking to journalists after returning from the Abu Dhabi Sustainability Week (ADSW) in the United Arab Emirates, he noted that the administration’s policies have begun to yield tangible results on the global stage.

Onuigbo said the recent unveiling of Nigeria’s Carbon Market Framework was widely applauded by global stakeholders as a strong signal of the country’s seriousness about climate governance and sustainable development.

He explained that the framework was a direct outcome of President Tinubu’s determination to ensure Nigeria is strategically positioned in the emerging global green economy.

According to him, the President’s commitment to climate action dates back to his inaugural address on May 29, 2023, where he emphasized energy transition, sustainability and investor confidence.

Onuigbo noted that President Tinubu also participated in several high-level meetings on the sidelines of the ADSW, reinforcing Nigeria’s presence in critical global climate discussions.

He praised the President’s consistency, describing it as a departure from symbolic participation to strategic engagement.

“You will recall that at his inauguration, President Tinubu invited both domestic and foreign investors to take advantage of Nigeria’s vast market, assuring them of ease in repatriating profits,” Onuigbo said.

He added that the President’s signing of the Electricity Act shortly after assuming office demonstrated his resolve to fast-track energy reforms, stimulate renewable energy development and create jobs, particularly for young Nigerians.

Onuigbo who chaired the House Committee on Climate Change in the 9th Assembly disclosed that the President’s steady actions culminated in the establishment of the Carbon Market Initiative Committee, co-chaired by Zack Adedeji, Chairman of the Federal Inland Revenue Service, and Dr. Salisu Dahiru, then Director-General of the National Council on Climate Change.

Onuigbo further revealed that Nigeria played an active role at the IRENA Assembly, which preceded the ADSW, adding that deliberations at the forum underscored Nigeria’s rising profile in energy transition and climate sustainability.

Onuigbo who is also member of the Governing Board of the North East Development Commission (NEDC) urged international investors to leverage Nigeria’s vast carbon and renewable energy potential, expressing confidence that the Tinubu administration would drive sustainable growth and financial prosperity.

He also commended the President for attracting the Investopia Summit to Lagos next month, co-hosted with the United Arab Emirates, describing it as a strategic move that would further boost investor confidence and accelerate sustainable investment inflows into the country.

According to him, aligning climate action with energy access remains critical to Nigeria’s economic growth, social development and long-term sustainability.