Nigeria's Federal Government, through Environment Minister Balarabe Lawal, said in mid-January 2026 that it plans to issue NGN 500 billion in green bonds during the year to fund renewable energy and climate-aligned projects, while President Bola Tinubu separately approved the establishment of a national carbon market framework that the government estimates could generate USD 3 billion in annual revenues by 2030.
Nigeria issued its first sovereign green bond in 2017, becoming the first country in Africa to do so, and the instrument has since been used to finance solar energy generation, afforestation projects, and climate-resilient agriculture.
WIDER CLIMATE FINANCE INITIATIVE
Alongside the green bond programme and carbon market framework, Nigeria announced a climate and green industrialisation investment initiative that Tinubu said could unlock USD 25 billion to USD 30 billion a year in wider climate finance.
The government has not published a detailed implementation timetable for the carbon market framework.