Govt unveils $100m carbon project to drive green growth agenda

The federal government has launched a $100 million Orteva carbon project, a step towards achieving its green growth agenda.

Wale Edun, minister of finance and coordinating minister of the economy, announced on Tuesday when he received a delegation from Orteva, in partnership with the Delta state government and Eighth Versa, in Abuja.

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In a statement, Mohammed Manga, director of information and public relations at the ministry of finance, said the initiative is aimed at unlocking climate finance, generating carbon credits, and accelerating Nigeria’s transition to a sustainable economy.Commending the project, the minister described it as a timely effort that aligns with President Bola Tinubu’s vision for green growth and sustainable economic transformation.

He said projects of this scale are key 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.

Edun said the federal government is committed to building a transparent carbon market framework with strong governance and pricing mechanisms

“For the private sector, this represents an opportunity to invest in projects that protect the environment while delivering long-term economic returns,” he added.

Manga 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.