By Kayode Olopade
Lagos State Governor, Mr. Babajide Sanwo-Olu, has announced that the state is set to utilize its carbon assets to support Nigeria’s efforts toward meeting its Nationally Determined Contribution (NDC) targets under the Paris Agreement.
The Governor made this known on Thursday at the 11th Lagos International Climate Change Summit, held in Victoria Island, Lagos, with the theme: “Blue Economy, Green Money: Financing Africa’s Coastal Resilience and Ocean Innovation.”
Sanwo-Olu said the state is developing Lagos Carbon, Africa’s first domestic environmental market, designed to channel investment into decarbonization and regenerative projects. He explained that the initiative will enable the trading of Internationally Transferred Mitigation Outcomes (ITMOs) and drive verified emissions reductions across Lagos and Nigeria.
“Lagos Carbon will enable countries and companies worldwide to finance verified emissions reductions and removals across the state and Nigeria,” the Governor said.
“Investing in Lagos’ resilience is not philanthropy—it is smart economics. It is an investment in the stability of Africa’s most dynamic economy and the security of the continent’s coastal future.”
Sanwo-Olu noted that Lagos Carbon will leverage “bank-grade blockchain digital infrastructure” to attract global investors, create green jobs, and foster technology transfer.
“The blue economy is not just an economic concept but a lifeline for the planet,” he stated. “The green transition is not an obligation—it is an opportunity to rebuild better. As I often say, Lagos does not wait for the future; Lagos builds it.”
The Governor outlined the state’s climate strategy around three pillars — Resilience, Innovation, and Financing.
He highlighted the Great Wall of Lagos at Eko Atlantic City as a model of coastal resilience, describing it as “one of Africa’s most ambitious coastal defense systems” that transformed a once-threatened Atlantic shoreline into a thriving city.
He also cited the Omi Èkó Initiative, a low-carbon water transport network developed with support from the French Development Agency (AFD) and the European Investment Bank (EIB), as part of efforts to promote sustainable mobility through clean-energy ferries, solar docking hubs, and smart navigation systems.
Speaking at the event, the Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, said Lagos views climate challenges as opportunities for innovation and economic transformation.
“Where others see risk, Lagos sees opportunity,” Wahab said. “This summit gives us the chance to redefine our relationship with the ocean—not as a resource to be exploited, but as a living system to be nurtured. The blue economy represents a new frontier for sustainable prosperity.”
He emphasized that this year’s summit was focused on bridging the gap between visionary climate action and sustainable financing, noting that Lagos was already taking concrete steps to implement its plans.
In his presentation, one of the guest speakers, Taiwo Ajetunmobi, called for a harmonized framework between federal and state climate policies and the deployment of Public-Private Partnership (PPP) models to make green projects commercially viable.
“We must build institutional mechanisms that protect projects from political and short-term disruptions,” Ajetunmobi said. “This is how we move from climate ambition to climate action and convert Nigeria’s maritime opportunities into real wealth and shared prosperity.”
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