Former Deputy Governor of Central Bank of Nigeria (CBN), Tunde Lemo, has called on Federal Government to embrace compliance carbon markets as a major revenue stream.

He described carbon as the country’s next big export commodity.

Lemo spopke while delivering a keynote address at EcoNexus 2.0, a climate finance and private sector engagement forum in Lagos.

Speaking on the theme: “From climate risk to green prosperity: Financing Nigeria’s future through compliance carbon markets,” Lemo, chair of Lambeth Capital, said Nigeria could earn over $60 billion yearly through structured, verifiable green projects like the 80 million Clean Cookstoves Initiative and the Four Billion Trees Project.

“We must treat carbon like crude oil. It’s not just an environmental concern — it’s a financial opportunity,” he said.

Lemo noted Paris Agreement Crediting Mechanism (PACM) provides Nigeria with a globally trusted path to monetise environmental gains.

The mechanism allows countries to generate Certified Emission Reduction Units (CERUs) that are tradable under regulated frameworks—unlike voluntary markets plagued by inconsistencies.

“Nigeria’s PACM-aligned projects can stabilise our foreign exchange, create jobs, and drive rural growth,” he added.

He urged financial institutions to finance carbon-generating businesses and create green financial instruments. “We need to move from spectators to catalysts,” he said.

“Carbon can do for us what oil once did—without the environmental damage.”

Special Adviser to the Governor on Climate Change and Circular Economy, Titi Oshodi, has reiterated the urgent need to rethink economic systems and view sustainability not as a burden, but as an opportunity.
she said building a new economy where sustainability is no longer a cost but a catalyst for growth, is a must.

“Lagos is leading the way through initiatives like the 80 Million Clean Cookstove project, which tackles harmful emissions while empowering women and small businesses within the renewable energy value chain,” she said.

Also speaking at the event, Odiri Erewa-Meggison, External Affairs Director for West and Central Africa at British American Tobacco (BAT), praised the Lagos State Government for taking the lead in climate policy and sustainable development.

She acknowledged the significance of private sector involvement in achieving inclusive and sustainable growth, noting that climate discussions can no longer be considered “a nice-to-have.”

“It’s time for us to step up and shake up. ESG — Environmental, Social, and Governance — is now a global business standard. Financial institutions want to see how responsible you are before giving loans. They want to know what you’re doing to protect the environment and give back to society,” she said.

Erewa-Meggison also stressed that tackling climate change is no longer optional for Nigeria.

“We’ve seen the floods. We’ve seen how fast climate events are escalating. This is no longer a foreign problem — it’s here, and it’s threatening our economy, infrastructure, and the future of our children,” she said.

She advocated for greater adoption of the circular economy model, which promotes reusing and regenerating resources, noting that Lagos is setting a positive example.

“I was glad to see there were no printed programmes today — that’s walking the talk. Even business cards are phasing out. These are the small but meaningful steps that show seriousness,” she added.