General
COP 30: Tinubu Okays National Carbon Market Framework to Unlock $3bn Financing
By Adedapo Adesanya
President Bola Tinubu has approved the adoption of a National Carbon Market Framework, the operationalization of the Climate Change Fund, and the restoration of the National Council on Climate Change (NCCC) to the budget line.
This comes ahead of the 30th session of the United Nations Climate Change Conference scheduled to hold in Belem, Brazil in November.
According to a statement signed by the spokesman to the Vice President, Mr Stanley Nkwocha, the goal is to establish and manage Nigeria’s participation in carbon markets.
This will also enable the nation to unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade to help meet climate goals.
Carbon markets refer to systems that allow countries, companies, or organisations to buy and sell carbon credits, which represent the right to emit a certain amount of carbon dioxide (CO₂) or other greenhouse gases (GHGs).
The approvals followed a presentation by the Director General of NCCC, Mrs Omotenioye Majekodunmi, at the second meeting of the council held on Thursday evening at the Presidential Villa, Abuja.
President Tinubu, who was represented by Vice President Kashim Shettima, said the approvals were part of measures by his administration to properly position Nigeria to leverage opportunities in the global carbon market and be more active in climate change ecosystem.
The Nigerian leader also set the agenda for Nigeria ahead of the forthcoming COP 30 scheduled for Belem, Brazil, saying the focus is to harness all of the opportunities for financing climate resilient projects and related interventions, particularly from the global carbon market.
The President said his administration recognizes the fact that addressing climate change is not just an environment imperative but an opportunity to unlock new investments, jobs and innovations across the nation’s energy, agriculture and industrial sectors.
“Nigeria stands ready to takes its rightful place as a global leader in climate action, ensuring that our voice and our reality are heard and respected in international negotiations.
“We have demonstrated this commitment through our active participation in the UNFCCC process, our progress towards implementing our nationally determined contributions and our efforts to mobilize climate finance for adaption and mitigation across all levels of government,” he said.
The President assured that as chairman of the council, climate action will continue to be prioritized in his administration’s development agenda.
“We will continue to champion policies that protect our people, strengthen our economy and position Nigeria as a destination for green investment and innovation”.
On her part, Mrs Majekodunmi said the deliberations and decisions of the council would shape how Nigeria is perceived globally and determine how effectively the country can mobilize support to achieve its climate goals.
The council secretariat expressed its commitment to providing the technical leadership and coordination needed to translate Nigeria’s climate goals into measurable results.
Presenting the council’s progress report, she disclosed that Nigeria is now eligible to access new rounds of climate finance from multilateral funds.
Highlighting the secretariat’s key requests, she said the council sought the adoption of the National Carbon Market Framework to enable Nigeria unlock between $2.5 billion and $3 billion annually in carbon finance over the next decade.
The Council also requested the operationalization of the Climate Change Fund to ensure immediate readiness for fund mobilization and utilization.
The final request was for the Council to restore the NCCC budget line within the annual FAAC allocation to guarantee the financial stability of the Climate Change Fund.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, backed the Council Secretariat’s recommendations, noting that Nigeria must secure a strong position within the carbon framework.
He assured the Council of the Finance ministry’s support, including coordination with the ministry’s economic department to host a quarterly Climate Finance Tracking Dashboard.
By Dipo Olowookere
The ex-depot prices of two major petroleum products, Premium Motor Spirit (PMS), otherwise known as petrol, and Automotive Gas Oil (AGO), also known as diesel, have been slashed by Dangote Petroleum Refinery and Petrochemicals.
The company announced the reduction in prices of the products in a statement on Saturday evening.
The Lagos-based private refinery said its latest action was to reinforce its commitment to making refined petroleum products more affordable and supporting economic activities across Nigeria.
The cut in the prices of petrol and diesel by Dangote refinery comes as the global crude oil prices continue to moderate, amid expectations that the United States of America and Iran will agree on a ceasefire very soon and reopen the Strait of Hormuz.
This narrow vessel passage accounts for 20 per cent of the world’s crude oil consumption. It has been closed for more than two months because of the Middle East crisis.
On February 28, 2026, America and Israel launched airstrikes in Iran, killing its Supreme Leader and other top government officials.
Iran fought back by attacking US bases in the Middle East, including in Saudi Arabia, Qatar, the United Arab Emirates and others. It also shut down the Strait of Hormuz, causing the price of oil to almost hit $120 per barrel.
The crisis faraway in the Middle East, rather than becoming a blessing to Nigeria, put citizens under untold hardship, as the price of petroleum products, especially PMS, jumped from around N800 per litre to almost N1,500 per litre.
On Friday, the price of Brent crude was about $94 per barrel, while the West Texas Intermediate (WTI) crude was about $89 per barrel.
Ostensibly in response to this, the Dangote refinery has reduced the ex-depot price of petrol to N1,250 per litre from N1,275 per litre, while the price of diesel has been cut to N1,700 per litre from N1,800 per litre.
Since commencing operations, the 650,000 barrels per day refinery has increasingly supplied the domestic market with refined products aimed at eliminating the country’s dependence on imported fuels.
The company claimed it decided to slash the price to improve supply efficiency, deepen domestic refining, and provide cost relief to consumers and businesses that depend heavily on petroleum products for transportation, power generation and industrial operations.
By Adedapo Adesanya
The National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), the umbrella body of customs agents in Nigeria, has petitioned President Bola Tinubu to compel the Nigerian Shippers’ Council (NSC) to suspend the planned increase in shipping charges pending the review by the standing committee.
According to Mr Lucky Amiwero, the president of the body, in a letter to the President, the increase is a clear contravention of the Memorandum of Understanding (MOU) signed in respect of local shipping charges between providers and users of shipping/Port and related service approved by the federal government.
The MoU under Articles 2(b)&4 clearly states that any other charges shall require agreement between the Parties concerned through the Nigerian Shippers Council, which must be complied with.
“In line with the provisions of Articles 2 and 4 of the Memorandum of Understanding, there is a need to follow the prescribed procedure as contained in the MOU. First is by submitting the information of the increase to the standing committee, including the detailed information, why the increase, and the percentage, to the standing committee for consideration and review of any increase
“We hereby request the suspension of any Local Shipping Charges increase, pending the review by the standing committee, which entails the detailed information of the increase, the Percentage (%), and if the Increase is necessary, to be sent to the standing Committee as approved by the Federal Government,” he said.
The official said the NSC were supposed to forward all detailed information on the increase in the local shipping charges to the standing committee, who are signatory to the MOU, and then to review in line with the approved federal government directive.
“We refer the government to the usual procedure of initiating an increase in local shipping charges. Notification of increase as proposed is always forwarded to the standing committee, reference 2003 NSC/TOD/FPS/011/VOL.V/54 OF 20TH JUNE, and NSC/TOD/FPS/011/VOL.35 OF 14TH April 2003 in line with article 2(b)&4 of the MOU.
“In line with Article 2(b)&4 of the memorandum of understanding, the request made by Shipping Association of Nigeria (SAN), which was forwarded to the Shippers Council and the Shippers Council forwarded the same to the technical standing committee for review,” he added.
By Adedapo Adesanya
The presidency has raised alarm over what it described as a growing pattern of digitally manipulated content aimed at exploiting religious sentiments for political purposes.
In a public service announcement issued by the Office of Digital Engagement and Strategy, it was disclosed that “deliberate attempts” to mislead Nigerians through deep fake videos and false narratives across online platforms had been identified.
According to the statement, a manipulated video surfaced on Tuesday, featuring altered audio and false attributions designed to portray President Bola Tinubu in a negative light.
It noted that a similar attempt followed shortly after, involving a fabricated video linked to a religious leader, allegedly intended to incite Muslim communities against the President.
The presidency said the recurring pattern suggests a coordinated effort to inflame religious tensions and sow division, particularly as political activities begin to intensify ahead of future elections.
It warned that “desperate actors” are likely to continue deploying misinformation tactics, including distorting religious messages, manipulating context, and spreading provocative content through social media and messaging platforms.
The presidency urged Nigerians to exercise caution before sharing sensitive or inflammatory content, encouraging citizens to question the motives behind such materials and to verify information through credible sources.
Describing the trend as “coordinated manipulation at scale,” it stressed that such actions are neither patriotic nor reflective of genuine political engagement.
The statement further warned that individuals and groups involved in the creation and dissemination of false information would be held accountable under relevant Nigerian laws, including those relating to cybercrime, incitement, and threats to public peace and national security.
It concluded by calling on citizens to remain vigilant and united in safeguarding the country’s social cohesion against digital disinformation.
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