Lagos State has unveiled plans to launch Africa’s first subnational carbon exchange, targeting over $1 billion in revenue within the next 15 years through the generation and trade of 1.2 million carbon credits.
The announcement was made by Mrs. Titi Oshodi, Special Adviser to Governor Babajide Sanwo-Olu on Climate Change and Circular Economy, during the unveiling of the “80 Million Credit Float Project” at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
According to the Lagos State Government, the proposed Lagos Carbon Exchange (LCX) will enable the state to monetize emissions reductions through internationally certified carbon credits, with proceeds reinvested in clean energy, healthcare, green transportation, and climate-resilient social programmes.
“The initiative will generate 1.2 million carbon credits, bringing in over $1 billion in revenue over 15 years to support infrastructure, social programmes and climate projects,” Oshodi said.
The LCX forms a core part of Lagos’ ambitious “80 Million Credit Float Project”, a large-scale climate finance and social intervention programme implemented in collaboration with GreenPlinth Africa. The initiative aims to distribute 80 million eco-loans and create 35 million green jobs across Nigeria.
Speaking at the event, Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George, said the project aligns with the state’s THEMES Plus Agenda and positions Lagos as a trailblazer in climate-smart economic development. He emphasized its potential to reduce indoor air pollution and improve public health, especially for women and children.
