The Lagos State Government has launched a landmark green initiative—the 80 Million Credit Float Project, aimed at addressing climate change, reducing poverty, and creating jobs across Nigeria.
Announced during a media briefing at the Bagauda Kaltho Press Centre, Alausa, the project was unveiled by the Ministry of Economic Planning and Budget in collaboration with environmental consultancy firm GreenPlinth Africa.
The scheme is expected to create 35 million green jobs, expand access to clean cooking technologies, and provide economic opportunities for millions, particularly women and children.
READ ALSO: Waste disposal violators in Lagos to pay N250,000 fine or jail term
Described as the largest green credit initiative on the continent, the project will issue 80 million eco-friendly loans and generate 1.2 million carbon credits, estimated to bring in over $1 billion in revenue over the next 15 years.
At the event, Commissioner for Economic Planning and Budget, Ope George, said the initiative aligns with the state’s THEMES Plus Agenda, demonstrating Lagos’ leadership in climate-resilient and people-centred development.
“This programme serves as an economic catalyst with projections of over 35 million green jobs and the upcoming launch of Africa’s first subnational carbon exchange in Lagos,” said Mr George.
“Together with GreenPlinth Africa, we are not just implementing a project—we are shaping the future of climate and economic resilience in Nigeria.”
Governor Babajide Sanwo-Olu chairs the Project Advisory Board, with Governor Umar Bago of Niger State serving as Deputy Chairman.
They are supported by six vice-chairpersons from Nigeria’s six geopolitical zones as well as private sector, NGO, and CSO leaders.
In her address, Titi Oshodi, Special Adviser to Sanwo-Olu on Climate Change and Circular Economy, revealed that the first batch of six million clean cookstoves would be distributed free of charge beginning June 2025, starting in Makoko.
She added that the project would promote clean cooking to reduce indoor air pollution, while also establishing free clean food stores for vulnerable families, supporting renewable energy access for small businesses, and offering health insurance to households that adopt clean cooking methods.
“The project will provide ₦10,000 annually to households using clean cooking methods through a ‘Pay-to-Cook’ programme,” she said.
“It will also empower local green businesses, deploy five sustainable projects per year across 1,000 communities, and create 400 million economic trees to combat food insecurity and deforestation.”
The Lagos Carbon Exchange (LCX)—the first subnational carbon trading platform in Africa and the second globally after California—is also set to launch as part of the initiative.
The platform will allow Lagos to generate revenue from carbon trading and reinvest in infrastructure, clean energy, healthcare, and employment programmes.
During the launch, the State Working Group (SWG) and Internal Working Group (IWG) were formally inaugurated.
READ ALSO: Lagos partners with SOGON to tackle maternal, neonatal deaths
Present at the briefing were several key officials, including Commissioners Cecilia Dada (Women Affairs & Poverty Alleviation), Folashade Bada Ambrose (Commerce, Cooperatives, Trade & Investment), Biodun Ogunleye (Energy & Mineral Resources), and Prof. Akin Abayomi (Health), as well as Special Adviser on the Environment, Mr. Olakunle Rotimi-Akodu, and Dr. Olawale Akinwunmi, President of GreenPlinth Africa.
Also in attendance were the Chief Transformation Officer and Project Manager, Adebola Odunsi, and the Permanent Secretary of the Ministry of Economic Planning and Budget, Olayinka Ojo.
