VP Shettima Unveils Nigeria’s $3b Climate Finance Plan at COP30

Vice-President Kashim Shettima announced that Nigeria plans to invest $3 billion each year in climate initiatives. These initiatives include reforestation, blue carbon projects, and other community-driven climate programs across the nation.

Shettima spoke on Thursday at the ongoing COP30 leaders’ summit in Belém, Brazil, where he represented President Bola Tinubu.

The high-level event precedes the formal climate negotiations scheduled to run from 10 to 21 November, where countries are expected to advance discussions on adaptation, finance, and nature-based solutions.

According to Shettima, the funds will be mobilised through the country’s national carbon market framework and climate change fund, both designed to support projects that link nature restoration with economic growth.

‘Nature should not be seen as a commodity to exploit but as critical infrastructure for sustainable development’, the vice-president said.

‘Our forests, oceans, and landscapes are shared global assets that require collective responsibility and investment’.

According to him, the initiative will back reforestation and blue carbon programmes, alongside climate-smart agriculture and other local adaptation efforts.

The vice-president said the programme will also target the creation of green jobs for young people and women, while positioning Nigeria as a regional leader in nature-positive investments.

Shettima noted that Nigeria’s approach is to integrate environmental protection into its climate finance architecture, reinforcing the connection between nature, the economy, and social development.

He called for stronger global solidarity and climate justice, noting that countries in the Global South — which have contributed least to climate change — continue to face its worst consequences.

To close the gap, he urged developed nations to scale up grant-based financing, activate blue carbon markets, and support debt-for-nature swaps that would allow developing countries to reinvest in conservation.

He also underscored the need for community-led governance, saying indigenous people, farmers, and fisherfolk must be recognised and rewarded for protecting natural ecosystems rather than displaced by conservation projects.

He noted that Nigeria is implementing several initiatives to restore ecological balance, including the great green wall programme, the national afforestation programme, and the marine and blue economy policy.

Shettima said the initiatives aim to restore millions of hectares of degraded land by 2030 and ensure sustainable management of the country’s marine resources.

He added that Nigeria is partnering with other African countries through frameworks such as the African nature finance framework, which seeks to attract private investment into reforestation, ecosystem restoration, and blue economy development across the continent.