Business and Economy

COP28: President Tinubu Unveils Rollout 100 Electric Buses for Nigeria

President Bola Tinubu says that by launching a ground-breaking project to install a fleet of 100 electric buses, Nigeria is making a substantial step towards a sustainable and environmentally friendly future.

On the fringes of the COP28 climate conference, the President addressed a high-level gathering of investors and stakeholders on the Nigeria Carbon Market and Electric Buses Rollout Program on Saturday in Dubai, United Arab Emirates.

According to President Tinubu, the strategic initiative is part of a larger effort to position Nigeria and Africa as the forefront of green manufacturing and industrialization, with a focus on natural gas as a transition fuel alongside other renewable energy sources. The initiative is intended to significantly reduce Nigeria’s carbon footprint and modernize the country’s transportation systems.

In order to lead this revolutionary initiative, the President declared that Mr. Dahiru Salisu, the Director-General of the National Council on Climate Change (NCCC), and Mr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), would co-chair the Nigeria Carbon Market Activation Plan.

This project is evidence of our commitment to environmental care, which is well demonstrated by our partnership with the Africa Carbon Market Initiative. Our ambitious plan serves as a strategic road map that points Nigeria in the direction of becoming a destination that attracts investments in the carbon market.

We understand how important it is to create an atmosphere that supports consistent and sustainable industrial processes while also drawing in investment. As a demonstration of our progressive stance, we are actively seeking to put into place strong, supportive frameworks and policies that will function as the impetus for the rapidly expanding carbon market inside our country.

“To further advance this visionary plan, I have approved the creation of an Inter-governmental Committee on Carbon Markets, to be chaired by the Director-General of the National Council on Climate Change and the Executive Chairman of the Federal Inland Revenue Service,” the President said.

Prospective investors were given assurances by the President that this endeavor is more than just a pilot project. It is a tangible example of our unshakable commitment to achieving carbon neutrality in the future. “I promise you, this is just the beginning of our big plans. We have a lot more significant projects in the works,” he remarked.

President Tinubu urged international partners to work together to accelerate efforts towards a net-zero future, while also stressing the urgent need for an all-encompassing global collaboration on climate-related concerns.

“As we present our plans, I urge other countries to follow our lead in outlining their sustainable futures, keeping in mind that Africa is a leader in creative responses to climate-related issues.

In the process, we see the urgent necessity for all-encompassing international cooperation and reaffirm our dedication to actively participating in global initiatives.

Nigeria’s ambitions to transform its economy into one that is cleaner and greener can act as an example for other countries. In summary, the President stated, “Our all-encompassing strategy, which is based on visionary leadership and practical action backed by our technical partners, is poised to become a blueprint for countries aspiring to also develop and catalyze their markets for sustainable growth.”

In his speech, Mr. Zacch Adedeji, the chairman of FIRS, recognized President Tinubu’s visionary leadership as the driving force behind Nigeria’s dedication to utilizing its enormous carbon potential.

Mr. Adedeji said that the Committee will do everything in its power to promote the adoption of effective frameworks and regulations that will enable the market for carbon to flourish sustainably.

Mr. Adedeji emphasized that Nigeria is prepared to spearhead international efforts to tackle climate change, and he described the first phase of the electric bus rollout as a concrete representation of Nigeria’s dedication to updating its transportation infrastructure while lowering Africa’s relatively small carbon footprint.

Nigeria will proudly present a number of cutting-edge, eco-friendly, contemporary, and sustainable projects in a number of different industries in the near future. These programs are purposefully created to not only address issues related to climate change but also to present Nigeria as a desirable location for foreign investment.

“Our readiness to welcome and facilitate investments that align with our collective commitment to a greener future for Nigeria and the African continent is underscored by the business-friendly environment and policy frameworks we are developing,” the FIRS Chairman said.

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