*FG inaugurates committee to harness $1tn global carbon market

Emmanuel Addeh in Abuja

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said that the upstream regulator exceeded its revenue target by 18.3 per cent in 2022, 14.6 per cent in 2023, and 84.2 per cent in 2024.
This is just as the federal government, through the Ministry of Petroleum Resources, has inaugurated a technical and steering committee on the creation and management of the Nigeria Green Climate Fund and Sovereign Carbon Credits.
Komolafe spoke at the Global Sustainable Education and Leadership (G-SEL) Conference 2025, held at the House of Lords, Palace of Westminster, United Kingdom, where he was honoured with the Global Sustainable Leadership Award.

While the commission’s revenue performance was N3.78 trillion in 2022, it rose to N4.34 trillion in 2023 and N12.25 trillion last year.
According to a statement issued yesterday by the Head of Media and Strategic Communication at NUPRC, Mr. Eniola Akinkuotu, the two-day event drew senior policymakers, business leaders, and diplomats from across the world.
The event recognised Komolafe’s ‘exceptional leadership’ in steering reforms under the Petroleum Industry Act (PIA) and positioning Nigeria as a credible, transparent, and competitive energy investment destination.

“Since assuming office, he has been instrumental in deepening Nigeria’s upstream regulatory transformation. Under his watch, the country’s active rig count surged from just eight in 2021 to over 40, while the total rig count stands at 69 as of October 2025.
“Revenue performance has also consistently exceeded government targets, with the commission achieving surpluses of 18.3 per cent in 2022, 14.6 per cent in 2023, and an impressive 84.2 per cent in 2024,’ the NUPRC statement explained.
Beyond fiscal success, the NUPRC said it had recorded major milestones in host community development and indigenous participation.

The Host Community Development Trust (HCDT), it reiterated, has risen to over N350 billion, part of which has been used in implementing lofty projects and has contributed to the restoration of peace in hitherto volatile communities.
In his acceptance speech, Komolafe dedicated the award to the Nigerian people, describing it as a reflection of their resilience and the government’s commitment to reform.
“This award belongs to Nigeria. It recognises the courage and faith that drive our reforms in the upstream oil and gas sector. We are building a transparent, accountable, and investment-friendly system that reflects our national values and global aspirations,” he said.

Komolafe noted that the NUPRC’s strategy is anchored on three priorities — transparency, competitiveness, and sustainability — with an emphasis on maximising the value of Nigeria’s hydrocarbon resources while advancing the energy transition.

“We are not only regulating production. We are shaping the future of energy in Africa by ensuring that Nigeria remains a reliable supplier, a fair regulator, and a responsible global partner,” the NUPRC boss added.

The G-SEL London Conference 2025, themed: ‘The intersection of innovation, sustainability and equity for energy access’, served as a major forum for global dialogue on the future of energy, education, and inclusive growth.

Komolafe’s recognition, according to the commission, reinforces Nigeria’s growing reputation as an energy hub built on regulatory integrity, sustainable growth, and global partnership.

Other recipients of the Global Sustainable Leadership Award included the Chief Executive Officer of the World Energy Council, Angela Wilkinson, and the Mayor of Islington, London, Jason Jackson, among others.

Meanwhile, the Ministry of Petroleum Resources has inaugurated a technical and steering committee on the creation and management of the Nigeria Green Climate Fund and Sovereign Carbon Credits, aimed at positioning the country as a major player in global climate finance and energy transition.

Speaking at the inauguration in Abuja, the Permanent Secretary of the Ministry of Petroleum Resources, Dr Vitalis Obi, described the initiative as a bold step towards integrating economic growth, energy security, and environmental responsibility.

A statement released in Abuja by the Head of Press and Public Relations, Chris Ugwuegbulam, explained that the Committee was constituted to design a financial, institutional, and regulatory framework that would enable Nigeria to access global climate capital, monetise emission reductions, and reposition the Ministry as a transition-energy and climate-smart institution.

 “This committee’s work is not mere paperwork; it is economic statecraft, climate diplomacy, and a transition by design, not by external pressure,” he added.

According to Obi, the global voluntary carbon market is projected to exceed $50 billion by 2030 and reach $1 trillion by 2037, yet Africa, which contributes less than three per cent of global emissions, receives under 5 per cent of international climate finance. He emphasised that methane emissions, which are 84 times more potent than carbon dioxide, make Nigeria’s petroleum sector strategically central to global climate solutions.

He affirmed that under Nigeria’s updated Nationally Determined Contributions (NDCs), the country has pledged to cut emissions by 47 per cent by 2030, equivalent to about 60 million metric tonnes, subject to international support.

Obi noted that gas flaring has reduced from 2.5 billion standard cubic feet per day in 2000 to about 700 million today, but still emits over 25 million metric tonnes of CO₂ equivalent annually. Properly captured and traded as carbon credits, he stated that this could earn Nigeria more than $500 million every year.

He restated that the Nigeria Energy Transition Plan requires $1.9 trillion in investment by 2060, of which $410 billion must come from climate finance and carbon markets, underscoring the importance of the Committee’s work.

The Permanent Secretary said the Committee will design the institutional framework for the Nigeria Green Climate Fund, establish a sovereign carbon credit registry in line with UNFCCC standards, identify eligible projects such as gas flare capture and renewables, and propose sustainable financing and transparent revenue models.

He charged members to deliver their reports within 10 weeks, urging them to prioritise accuracy, patriotism, and institutional focus.

Earlier in his remarks, the Director of Midstream and Downstream, Mr. Mohammed Abubakar, described the inauguration as a milestone in aligning Nigeria’s petroleum sector with global transition priorities. He said the Ministry, in partnership with Black River Switzerland and other government institutions, were working to design and operationalise a credible carbon credit trading framework for the oil and gas industry.

Membership of the Committee drawn from the Ministry of Petroleum Resources included: Abubakar; Jennifer Sharang; Emmanuel Okon; Ugwuegbulam; Hozana Onakpoyovwire; Amamki Ephraim, among others.

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