The Federal Government is projected to earn up to $5bn annually from carbon credit revenues generated by the 80 Million Clean Cookstoves Project, a flagship climate and energy initiative being implemented by Greenplinth Africa Limited.
This was disclosed by the Group Chief Financial Officer of Greenplinth Africa Limited, Babatunde Aina, during a Media Chat and Stakeholders Engagement held in Lagos.
According to a statement, Aina explained that the cookstoves project, described as the largest single clean cooking initiative in the world, is structured to unlock Nigeria’s vast but largely untapped potential in the global compliance carbon market, where carbon credits currently trade at about $104 per metric tonne.
Aina stated that even at a conservative discounted compliance price, the project has the capacity to generate sustained foreign exchange inflows, strengthen government revenues, and position Nigeria as a major player in global climate finance.
He said, “When fully deployed, the 80 Million Clean Cookstoves Project is programmed to enable the Federal Government of Nigeria to earn up to $5bn annually from verified carbon credit revenues.
Beyond the federal level, states, local governments, host communities, and participating households will also benefit through transparent carbon-revenue-sharing mechanisms.”
Aina noted that the initiative aligns directly with Nigeria’s Nationally Determined Contributions under the Paris Agreement, while simultaneously addressing deforestation, public health challenges, and household energy poverty.
He further explained that the project involves the free distribution of digitally metered clean cookstoves powered by non-charcoal biomass briquettes made from agricultural and factory waste.
“The metering system tracks real-time cooking activity and carbon emissions avoided, ensuring that generated carbon credits meet international verification standards,” he said, adding that, unlike previous interventions, the project is fully financed through carbon markets rather than government budgetary allocations, making it fiscally sustainable.
“The global carbon market is valued at about $7.6tn annually, yet Africa receives less than two per cent of this value. This project decisively changes that equation for Nigeria,” he posited.
It was added that the implementation of the project is set to commence fully in Lagos, Niger, Enugu, Nasarawa, Benue, Kebbi, Borno, and Delta states, with a phased expansion to other parts of the country.
In addition to federal revenues, Aina said the programme would drive nationwide job creation, with beneficiaries earning wages at least 165 per cent above the national minimum wage, while also strengthening health insurance funding and rural economies.
He described carbon as “the new global currency” and expressed confidence that the project would contribute significantly to Nigeria’s economic diversification and climate leadership in Africa.
Vice President and GMD of Greenplinth Africa, Victor Fodeke, presented carbon as a powerful new global currency, explaining how regulated carbon markets can generate significant economic value.
He outlined the difference between voluntary and compliance carbon markets and highlighted the high financial returns from reducing potent greenhouse gases such as methane and sulphur hexafluoride. He stated that Greenplinth’s Banda Cookstove project alone could generate up to $5bn annually for Nigeria, reducing reliance on foreign borrowing.
He also emphasised responsible tree planting, circular use of waste, nationwide clean-energy infrastructure, job creation, and skills development, reaffirming Greenplinth’s commitment to sustainable development and economic transformation in Nigeria.
The Managing Director of LAPO Microfinance Bank Limited, Cynthia Ikponmwosa, reaffirmed commitment to climate action and inclusive growth by supporting Greenplinth Africa’s 80 Million Clean Cookstoves and large-scale tree-planting initiative, highlighting its health, environmental, economic, and gender-empowering benefits, and emphasising strategic partnerships, green finance, and sustainable development ahead of the Green Conference 2026.
