The Federal Government has taken a strategic step in its drive toward a sustainable and diversified economy with the launch of the $100 million Orteva Carbon Project, a key initiative designed to unlock climate finance, generate carbon credits and strengthen Nigeria’s transition to a low-carbon future.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced the initiative in Abuja when he received a delegation from Orteva, in partnership with the Delta State Government and Eighth Versa, for strategic discussions on the project’s implementation and impact.
Describing the project as a timely intervention fully aligned with President Bola Ahmed Tinubu’s vision of green growth and sustainable economic transformation, Edun said it underscores the administration’s resolve to embed climate action at the heart of national development.
According to him, initiatives of this magnitude are integral to the Energy Transition Plan and the broader fiscal reform agenda aimed at reducing dependency on fossil fuels. “These kinds of projects diversify our revenue base, attract foreign exchange inflows, and create new jobs in sectors that are environmentally sustainable,” he noted.
The Orteva Carbon Project incorporates several components, including mangrove conservation, reforestation, and biochar production, that combine environmental protection with economic value creation. By targeting large-scale sequestration of greenhouse gases, the project is projected to generate between $350 million and $2.8 billion in carbon credit revenue over its lifespan, positioning Nigeria as a leading hub for credible and verifiable carbon trading in Africa.
Mr. Edun emphasised that the Federal Government is determined to build a transparent and well-governed carbon market that meets international standards. “The Federal Government is committed to building a transparent carbon market framework with strong governance and pricing mechanisms,” he stated. “For the private sector, this represents an opportunity to invest in projects that protect the environment while delivering long-term economic returns.”
The Orteva project, he said, illustrates how effective partnerships between the public and private sectors can accelerate Nigeria’s journey toward achieving its Nationally Determined Contributions (NDCs) under the Paris Agreement. It also reinforces the country’s capacity to attract global climate financing while promoting inclusive economic growth.
The Minister reiterated that the Ministry of Finance would ensure the right fiscal and regulatory frameworks are in place to make green investments both attractive and secure. He added that policy consistency, credit enhancements, and incentives for climate-smart projects will be prioritized to deepen investor confidence.
