The Federal Government has launched the $100 million Orteva Carbon Project, a strategic initiative aimed at unlocking climate finance, generating carbon credits, and advancing Nigeria’s transition to a low-carbon economy.
The announcement was made in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a meeting with a delegation from Orteva, in partnership with the Delta State Government and Eighth Versa, to discuss the project’s implementation and impact.
Describing the initiative as a timely intervention aligned with President Bola Ahmed Tinubu’s vision of green growth and sustainable economic transformation, Edun said it underscores the administration’s commitment to integrating climate action into the nation’s development strategy.
According to the Minister, the project supports 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 comprises several components, including mangrove conservation, reforestation, and biochar production, combining environmental protection with economic value creation.
By targeting large-scale sequestration of greenhouse gases, the project is expected 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.
