A project led by the Federal Government of Nigerian (FGN) being implemented by GreenPlinth Africa Limited is set to earn up to $5 billion annually from carbon credits revenues through the 80 million clean cookstoves initiative in Lagos.

This was revealed during a media parley and stakeholders’ engagement organised by GreenPlinth Africa in Lagos.

The full-scale implementation of the project would commence in Lagos, Niger, Enugu, Nasarawa, Benue, Kebbi, Borno and Delta States, with structured expansion to all states of the federation.

The Group Chief Financial Officer of GreenPlinth Africa Limited, Babatunde Aina, said the project represents one of the most ambitious climate, economic and social interventions ever undertaken in Africa.

The engagement also served as a pre-conference media briefing for the Green Conference and 2026 Projects Implementation Retreat, scheduled for 3rd to 5th of March in Lagos.

Aina said the 80 million clean cookstoves initiative goes beyond clean cooking, describing it as a strategic economic and environmental transformation programme capable of repositioning Nigeria within the global carbon market.

“When fully deployed, the 80 million clean cookstoves project is programmed to enable the Federal Government of Nigeria to earn up to $5 billion annually from verified carbon credit revenues,” he said. He added that the benefits will be far-reaching.

“Beyond the federal level, states, local governments, host communities, and participating households will benefit through transparent and structured carbon-revenue-sharing mechanisms.“

This initiative is climate finance working from the grassroots upward – not from the top down. The funding comes from carbon credits – payments made to entities that verifiably reduce greenhouse gas emissions.

“The global carbon market is valued at approximately USD 7.6 trillion annually, yet Africa has historically received less than two per cent of this value.”

“For decades, Nigeria’s reliance on traditional firewood has resulted in the loss of over 95 per cent of our forest stock, accelerating deforestation, desertification, health crises and entrenched poverty,” he said.

He added that the project aims to permanently change how over 80 million Nigerians, primarily women and children, cook their daily meals.

According to Aina, each participating household will receive, at no cost, a comprehensive clean-cooking solution package, including a highly efficient, thermally optimised clean cookstove supplied with two 15-litre cooking pots.

The stoves are equipped with digital metering and GPS tracking devices to capture cooking activities, real-time carbon dioxide emissions avoided and 24-hour online monitoring.

He added that beneficiaries will receive a monthly N10,000 household support under the “Paid-to-Cook” initiative, as well as free monthly delivery of 40kg of biomass briquettes.

“This is geared towards addressing the severe health impacts of indoor air pollution and eliminating out-of-pocket medical expenses. This is not charity. It is climate justice delivered with dignity,” Aina said.

Aina explained that carbon markets are divided into two categories: the voluntary market and the compliance market.

“The voluntary market requires limited documentation and offers low prices of about $2 to $5 per metric tonne, while the compliance market is rigorous, regulated and currently valued at approximately $104 per metric tonne,” he said.

He added that the project is designed to operate within the compliance carbon market, ensuring sustainability and long-term economic impact.

Former Deputy Governor of the Central Bank of Nigeria, Dr. Tunde Lemo, described the project as a national awakening and a shift in environmental consciousness.

“For decades, our patterns of production, consumption and interaction with nature have placed us on a dangerous path,” Lemo said.

“This moment represents an awakening, a new environmental consciousness for Nigeria, one of the most ambitious climate, public health and social impact projects ever undertaken anywhere in the world.”

“When fully implemented, the project will conservatively remove about 1.2 billion metric tonnes of carbon dioxide every year, making it the largest single clean cooking and household energy transition initiative globally,” he said.

He stressed that the project was not a pilot scheme. “This is not a promise. It is a nationally endorsed, structured and scalable intervention,” he said.

According to him, the project is registered on the United Nations Framework Convention on Climate Change (UNFCCC) Global Climate Action Portal, aligning Nigeria with international best practices in climate transparency and accountability.

Lemo added that firewood sellers would not be displaced but retrained and integrated into the clean energy value chain as briquette distributors.

Chairman, Lagos State House of Assembly Committee on Environment, Adebola Shabi, said the state legislature has been proactive in enacting laws to reduce emissions.

Some industries in Lagos State have converted from diesel generators to gas,” he said.He added that the Assembly was working aggressively on circular economy initiatives aimed at eliminating waste.“There is nothing called waste anymore. Everything goes to wealth,” Shabi said.

Managing Director of LAPO Microfinance Bank, Cynthia Ikponmwosa, said the bank would leverage its national infrastructure to promote distribution.

LAPO remains committed to scaling climate-smart initiatives towards a healthier and more prosperous Nigeria,” she said.