Lagos State is about to launch Africa’s first subnational carbon alternate, with an estimated $1 billion in income anticipated over the following 15 years from the era and buying and selling of 1.2 million carbon credit.
The announcement was made by Titi Oshodi, Particular Adviser to Governor Babajide Sanwo-Olu on Local weather Change and Round Economic system, in the course of the launch of the “80 Million Credit score Float Venture” on the Bagauda Kaltho Press Centre, Alausa, as contained in an announcement printed on the official web site of the Lagos State Authorities on Friday, June 6, 2025.
In line with Oshodi, the deliberate Lagos Carbon Change (LCX) will allow the state to monetize emissions reductions by way of licensed carbon credit.
Proceeds from these trades shall be reinvested in clear power, healthcare, inexperienced transportation, and climate-resilient social programmes.
“Earlier in her opening handle, Particular Adviser to Governor Sanwo-Olu on Local weather Change and Round Economic system, Mrs. Titi Oshodi said that the initiative would generate 1.2 million carbon credit, bringing in over $1 billion in income over 15 years to assist infrastructure, social programmes and local weather tasks,” the assertion learn partly.
The carbon alternate is a key element of the state’s newly launched “80 Million Credit score Float Venture,” a large-scale local weather finance and social intervention programme carried out in partnership with GreenPlinth Africa. The initiative goals to distribute 80 million eco-loans and create 35 million inexperienced jobs throughout Nigeria.
The Lagos State Commissioner for {Economic} Planning and Funds, Ope George, mentioned in the course of the launch that the undertaking aligns with Lagos’ THEMES Plus Agenda and demonstrates the state’s management in climate-smart growth. In line with him, it’ll function an {economic} catalyst, particularly by lowering indoor air air pollution and enhancing public well being outcomes, significantly for ladies and youngsters.
As a part of the programme’s rollout, Lagos will start the free distribution of six million clear cookstoves in June 2025, beginning in Makoko. The cookstove initiative is designed to broaden entry to scrub cooking applied sciences and cut back dependence on firewood and kerosene.
The initiative is overseen by a Venture Advisory Board chaired by Governor Babajide Sanwo-Olu, with Governor Mohammed Umar Bago of Niger State as Deputy Chairman. The board additionally contains representatives from Nigeria’s geopolitical zones, the non-public sector, NGOs, and growth companions.
