The Federal Government has launched the $100 million Orteva Carbon Project, a landmark initiative designed to unlock climate finance, promote carbon credit generation, and accelerate Nigeria’s transition toward a low-carbon and sustainable economy.

The project, announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, represents a public-private partnership involving Orteva, the Delta State Government, and Eighth Versa. The initiative focuses on activities such as mangrove restoration, reforestation, and biochar production, with the potential to generate between $350 million and $2.8 billion in carbon credit revenue.

Mr. Edun stated that the Orteva Carbon Project aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda for green growth and sustainable economic transformation. He noted that the initiative complements the government’s Energy Transition Plan by diversifying revenue sources, attracting foreign investment, and creating green jobs across the country.

The Minister reaffirmed the Federal Government’s commitment to building a transparent and credible carbon market framework supported by sound governance, strong regulatory structures, and global best practices. He added that projects like Orteva’s will play a critical role in positioning Nigeria as a leading hub for carbon trading and sustainable finance in Africa.