President Bola Tinubu has launched an initiative to deploy a fleet of 100 electric buses in the country as part of the administration’s effort towards a greener and eco-friendly economy in the transportation sector.
The president made this disclosure when he spoke at a high-level meeting with stakeholders and investors on the Nigeria Carbon Market and Electric Buses Rollout Programme on Saturday in Dubai, United Arab Emirates, on the sidelines of the COP28 climate summit.
President Tinubu said that the strategic initiative aims to reduce Nigeria’s carbon footprint and revamp its transportation systems.
The broader objective is to position Nigeria and Africa at the forefront of green manufacturing and industrialization, with an emphasis on natural gas as a transitional fuel and the integration of other renewable energy sources.
In driving forward this transformative plan, the President appointed Mr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), and Mr Dahiru Salisu, Director-General of the National Council on Climate Change (NCCC), to jointly helm the Nigeria Carbon Market Activation Plan.
At the CO28 Summit in Dubai, the President reiterated his commitment to end gas flaring in the country as well as promote a greener economic environment.
The President said that his administration is implementing policies and frameworks that will catalyze the burgeoning growth of the carbon market within its national borders.
He said,
This initiative stands as a testament to our dedication to environmental stewardship as exemplified through our collaboration with the Africa Carbon Market Initiative.
Our visionary plan is a strategic guidepost, directing Nigeria towards becoming an investment-friendly destination for carbon market investments.
”We recognize the imperative of fostering an environment that not only attracts investment but also upholds standardized and sustainable industrial practices.
As a manifestation of our forward-thinking approach, we are actively looking to implement robust, enabling policies and frameworks that will catalyze the burgeoning growth of the carbon market within our national borders.
”In further driving my commitment, I have recently approved an Inter-governmental Committee on Carbon Markets to be chaired by the Executive Chairman of the Federal Inland Revenue Service and the Director-General of the National Council on Climate Change to drive this visionary plan.”
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Furthermore, President Tinubu called for a collaborative effort to ensure climate-related challenges are tackled judiciously.
He also encouraged global partners and investors to invest in developing countries towards achieving a net-zero future.
“As we unveil our initiatives, I challenge other nations to emulate our strides in mapping out their sustainable futures with a clear understanding that Africa is a beacon of innovative solutions to climate-related challenges.
”In this pursuit, we acknowledge the pressing need for comprehensive global collaboration, and we reiterate our commitment to being an active participant in international efforts.
”Nigeria’s plans for a greener and cleaner economy can serve as an inspirational narrative for nations worldwide.
Our comprehensive approach, rooted in visionary leadership and pragmatic action supported by our technical partners, is poised to become a blueprint for countries aspiring to also develop and catalyze their markets for sustainable growth,” the President concluded.