The Minister of Industry, Trade, and Investment, Jumoke Oduwole, has said the ministry will establish carbon markets across the country to guarantee economic and industrial development.

Ms Oduwole said this when she featured at a ministerial briefing by the Ministry of Information and Cultural Orientation on Tuesday in Abuja.

According to her, the ministry has already initiated discussion with the International Finance Corporation on establishing Nigeria’s carbon markets for utilisation and storage.

She added that the aim was to unlock sustainable finance for industrial growth.

A carbon market is a trading system that allows companies and individuals to buy and sell carbon credits to offset their greenhouse gas emissions.

It is also a tool to help fight climate change.

She said, “I thought the carbon market was quite important, and it is a discussion that should be able to also provide an appropriate response to alternative energy.’’

According to the minister, the ministry has the mandate to create and maintain an enabling environment and regulations for the development and expansion of industry, trade, and investment.

“Therefore, this ministry facilitates the development of Nigerian businesses regulatory and policy-wise, for it to be able to thrive,’’ she said.

She said that the ministry was committed to ensuring that manufacturers get maximum support from the government.

Ms Oduwole noted that the administration of President Bola Tinubu provided a $200 billion intervention fund for business growth in the country.

“$50 billion of that fund was meant for manual businesses as grants, and then $75 billion for the micro, small, and medium enterprises (MSMEs), and another $75 billion was meant for manufacturers. I think that provision and intervention are still being managed by the bank of industry. The ministry is currently looking at pursuing how to get our manufacturers to benefit from an appropriate price of gas.

“I think this is likely to be the game changer that our manufacturers and our industrialists are also able to purchase gas the same way that it is done. When this happens, a lot of the matters about the high cost of commodities are going to be brought down,’’ she said.

Ms Oduwole said that seven of the ministry’s eight-point agenda was specifically to accelerate economic diversification.

She added that the ministry was mandated to create and maintain an environment and regulations for the development and expansion of industry, trade, and investment.

“Therefore, this ministry facilitates the development of Nigerian businesses, regulatory and policy-wise, for it to be able to thrive,’’ she said.

The minister said that the ministry was committed to ensuring strong implementation of the African Continental Free Trade Area (AfCFTA).

She said that Nigeria had the privilege of hosting the Secretary-General, AfCFTA, Wamkele Mene, adding that some Nigerian businessmen also commended the implementation.

According to her, AfCFTA aims to make it easier and cheaper to move goods and services between countries.
(NAN)