Lagos Launches Africa’s Largest Climate Initiative With 80M Eco-Loans, 35M Jobs, $1B in Carbon Revenue

Lagos’ groundbreaking 80 Million Credit Float Project will deliver 80 million eco-loans, create 35 million green jobs, distribute 6 million free clean cookstoves, generate 1.2 million carbon credits worth over $1 billion, and plant 400 million economic trees—making it Africa’s largest subnational climate initiative.

The Lagos State Government, through the Ministry of Economic Planning and Budget during the week, launched a bold new initiative, the 80 Million Credit Float Project, aimed at tackling climate change, boosting the economy, and improving lives across Nigeria.

 

This initiative, a partnership with GreenPlinth Africa, will roll out 80 million eco-friendly loans to people and create 35 million jobs while also improving health, especially for women and children.

 

The Project Advisory Board of the initiative is chaired by Governor of Lagos State, Mr. Babajide Sanwo-Olu, his Niger State counterpart, Governor Mohammed Umar Bago as Deputy Chairman, supported by six Vice Chairpersons from Nigeria’s geopolitical zones and private sector, developmental, NGO, and CSO leaders.

 

During the launch held at the Bagauda Kaltho Press Centre, the Secretariat, Alausa, the Commissioner for Economic Planning and Budget, Mr. Ope George, said the partnership aligns with Lagos State’s THEMES Plus Agenda and demonstrates Lagos’ leadership in driving climate-smart solutions that prioritise people, innovation, and sustainability.

 

Mr. George said the initiative is expected to benefit millions, particularly women and children, by expanding access to clean cooking technologies and reducing indoor air pollution.

 

His words, “The 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.

 

“This partnership is more than an agreement, it is a strategic step towards a cleaner, healthier, and more inclusive Lagos,” Mr George said.

 

“Together with GreenPlinth Africa, we are not just implementing a project – we are shaping the future of climate and economic resilience in Nigeria.”

 

Earlier in her opening address, Special Adviser to Governor Sanwo-Olu on Climate Change and Circular Economy, Mrs. Titi Oshodi stated that the initiative would generate 1.2 million carbon credits, bringing in over $1 billion in revenue over 15 years to support infrastructure, social programmes and climate projects.

 

The Special Adviser, who also heads the Project Compliance Team, stated that Lagos State, being the anchor and gateway for Compliance Carbon Market Leadership, “will spearhead the deployment of the first 6 million free clean cookstoves, with distribution set to commence in June 2025, starting in Makoko.”

 

She added that the project will set up free clean food stores for families in need, promote the use of clean cooking technologies to improve health and reduce harmful emissions.

 

“It will support job creation through new green businesses and local projects, provide renewable energy for small businesses and health insurance for families, as well as pay households ₦10,000 yearly through a ‘Pay-to-Cook’ programme when they use clean cooking methods,” she said.

 

Mrs. Oshodi further stated that Lagos will also launch the Lagos Carbon Exchange (LCX) – the first subnational carbon trading market in Africa, and only the second in the world outside of California.

 

According to her, “The new platform will help Lagos earn money by trading carbon credits, which can be reinvested in clean energy, transportation, healthcare, and job creation.”

 

The Special Adviser said through the ‘80M Clean Cookstoves Project’ using a bottom-up approach, “The project will allocate ₦1 billion each year to all 57 local councils in Lagos for green development, deploy five sustainable projects per year across 1,000 communities, provide health insurance coverage for each beneficiary household and also create 400 Million Economic trees to fight food insecurity and deforestation,” she said.

 

The State Working Group  (SWG) and the Internal Working Group (IWG) were inaugurated at the media briefing which had in attendance Commissioners: Women Affairs & Poverty Alleviation, Mrs. Cecilia Dada; Mrs. Folashade Kaosarat Bada Ambrose (Commerce, Cooperatives, Trade & Investment); Mr. Biodun Ogunleye (Energy & Mineral Resources); Prof. Akin Abayomi (Health); Special Adviser to the Governor on the Environment, Mr. Olakunle Rotimi-Akodu; Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo; President of GreenPlinth Africa, Dr. Olawale Akinwunmi; the Chief Transformation Officer/Project Manager, Dr. Adebola Odunsi, amongst others.