Sanwo-Olu unveils ‘Lagos Carbon’, Africa’s first domestic environmental market

Governor Babajide Sanwo-Olu on Thursday announced the launch of Lagos Carbon, Africa’s first domestic environmental market, designed to drive investments into decarbonisation and regenerative projects across the state.

Speaking at the 11th Lagos International Climate Change Summit (LICCS) held at the Lagos Continental Hotel, Victoria Island, the governor said Lagos Carbon would utilise blockchain technology to facilitate the trading of Internationally Transferred Mitigation Outcomes (ITMOs) and support Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement.

Sanwo-Olu said the initiative would enable countries and companies globally to finance verified emission reductions and removals within Lagos and across Nigeria, driving green investment, job creation, technology transfer, and long-term prosperity.

“Investing in Lagos’ resilience is not philanthropy, it is smart economics,” he said. “It is an investment in the stability of Africa’s most dynamic economy and the security of the continent’s coastal future.”

The governor said the launch aligns with global momentum ahead of COP30 in Brazil, stressing that Lagos is demonstrating Africa’s readiness to lead in the global climate economy.

“Lagos is leading Africa’s charge, showing that resilience is not a privilege of wealth but a product of will. If Lagos can rise from the tides, so can other African cities,” he said.

Sanwo-Olu outlined Lagos’ climate response around three pillars — resilience, innovation, and financing — aimed at protecting lives and livelihoods while unlocking green and blue economic opportunities.

He cited the Great Wall of Lagos, one of Africa’s most ambitious coastal defence systems, which transformed erosion-threatened shores into the thriving Eko Atlantic City, as evidence of the state’s forward-looking environmental infrastructure.

Through the Omi Èkó Initiative, Lagos is redefining urban mobility with a low-carbon water transport system powered by clean-energy ferries, solar docking hubs, and smart navigation technologies, in partnership with the French Development Agency (AFD) and the European Investment Bank (EIB).

The governor also announced Lagos as the first African city to join the E1 Electric Boat Series — the world’s premier electric marine competition — a symbolic step showing the state’s determination to “race toward the future, not wait for it.”

Sanwo-Olu stressed that true resilience extends beyond infrastructure to harmony with nature. The state, he said, is gazetting wetland reserves and mangrove forests while introducing a Wetlands Carbon Credit Framework to reward conservation efforts by local communities.

He referenced the Lagos Climate Adaptation and Resilience Plan (LCARP) and the Climate Investment Opportunities Diagnostic (CIOD), developed with the International Finance Corporation (IFC), both serving as roadmaps aligning climate priorities with financing across clean energy, sustainable transport, and resilient infrastructure.

Citing UN Secretary-General António Guterres’ warning that “the era of global boiling has arrived,” Sanwo-Olu said Africa cannot afford incremental steps. “The time for transformative climate leadership is now. The blue economy is not just an economic concept—it is a lifeline for the planet,” he declared.

Lagos State Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, reaffirmed the state’s readiness to lead Africa’s transition toward a sustainable blue economy, saying Lagos is transforming the climate crisis into opportunities for growth and innovation.

According to Wahab, the summit’s theme — “Blue Economy, Green Money: Financing Africa’s Coastal Resilience and Ocean Innovation” — underscores the urgency of mobilising sustainable financing to protect coastal ecosystems and unlock prosperity.

“Where others see risk, Lagos sees opportunity,” Wahab said. “We have the chance to redefine our relationship with the ocean, not as a resource to exploit, but as a living system to nurture.”

He noted that under Governor Sanwo-Olu’s leadership, Lagos has been ranked Nigeria’s top-performing state in climate governance for the second consecutive year, reflecting proactive investments in resilience infrastructure, nature-based solutions, and eco-friendly technologies.

Wahab announced the official launch of the Climate Investment Opportunities Diagnostic (CIOD) — a landmark policy linking environmental priorities with tangible investment pathways for a low-carbon future. Describing it as a bridge between ambition and financial action, he said the CIOD would guide public and private investors in identifying high-impact projects across clean energy, sustainable transport, and resilient infrastructure.

He further revealed that by December 2025, Lagos will commission a biogas facility at the Ikosi-Isheri Fruit Market, in partnership with the C40 Climate Global Leadership Group. The plant will convert 500 kilograms of fruit waste daily into clean energy to power market streetlights, provide cooking fuel, and charge electronic devices, while its by-products serve as organic fertiliser for farmers.

“This project embodies the circular economy we envision — where waste becomes wealth, energy drives productivity, and innovation powers inclusivity,” Wahab explained.

He added that Lagos’ environmental challenges mirror those of other African coastal cities, calling for continental collaboration in data sharing, technology exchange, and policy alignment.

“Our challenges transcend borders. Lagos is ready — ready for investment, innovation, and to build resilience that benefits all our people,” he said.

Minister for Marine and Blue Economy, Mr. Gboyega Oyetola, represented by NIMASA Director-General Dr. Dayo Mobereola, reiterated the Federal Government’s commitment to strengthening maritime governance and promoting environmental sustainability.

He said Lagos remains central to achieving Nigeria’s marine vision, with ongoing roadmaps focused on conservation, innovation, and sustainable use of ocean resources.

The Federal Government, he added, will continue to collaborate with public and private partners to unlock maritime potential, enhance sea security, and ensure long-term benefits for Nigeria’s economy and coastal communities.