FG, Delta Partner Orteva on $100 Million Carbon Project to Drive Green Growth

Initiative aims to unlock climate finance, boost carbon credit revenue, and accelerate Nigeria’s low-carbon transition

The Federal Government has launched the $100 million Orteva Carbon Project, a landmark initiative designed to advance Nigeria’s green growth strategy and accelerate its transition toward a low-carbon economy.

The project, unveiled on Tuesday in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is a collaboration between the Federal Government, the Delta State Government, Orteva, and Eighth Versa.

According to a statement from the Federal Ministry of Finance on X (formerly Twitter), the Orteva Carbon Project seeks to unlock climate finance, generate verifiable carbon credits, and position Nigeria as a leading hub for carbon trading in Africa.

“This is a timely intervention fully aligned with President Bola Ahmed Tinubu’s vision of green growth and sustainable economic transformation,”
Edun said.

He added that large-scale sustainability projects such as this are central to Nigeria’s Energy Transition Plan, which aims to diversify the economy beyond oil, attract foreign exchange, and create new jobs.

Project to Generate Up to $2.8 Billion in Carbon Revenue

The Finance Ministry stated that the Orteva Carbon Project will incorporate several key components, including mangrove conservation, biochar production, and sustainable land-use management.

The initiative is projected to generate between $350 million and $2.8 billion in carbon credit revenue, reinforcing Nigeria’s position as a regional leader in credible and transparent carbon markets.

FG Restates Commitment to Climate Finance and Governance

Minister Edun reaffirmed the Federal Government’s commitment to developing a transparent carbon market framework, backed by strong governance, predictable pricing, and investor confidence.

“The Federal Government is committed to building a transparent carbon market framework with strong governance and pricing mechanisms,”
he said.

“For the private sector, this represents an opportunity to invest in projects that protect the environment while delivering long-term economic returns.”

The Ministry added that it would provide the necessary policy, fiscal, and credit-enhancement support to attract both domestic and foreign climate finance.

A spokesperson for the ministry described the Orteva Carbon Project as “Nigeria’s new economic frontier — where sustainability and profitability converge to drive inclusive growth.”

Context: Nigeria’s Push for a Carbon Market Framework

In April 2025, President Bola Tinubu announced the Carbon Market Activation Policy (CMAP), which aims to unlock up to $2.5 billion in high-integrity carbon credits and related investments by 2030.

Speaking during a high-level virtual dialogue on climate and the just transition — co-hosted by UN Secretary-General António Guterres and Brazilian President Luiz Inácio Lula da Silva — Tinubu emphasized Nigeria’s commitment to sustainable development ahead of COP30 in Brazil.

The CMAP initiative aligns with Nigeria’s pledge to update its Nationally Determined Contributions (NDCs) under the Paris Agreement, reinforcing its role in the global fight against climate change.