Lagos State Launches Groundbreaking 80 Million Credit Float Project to Combat Climate Change, Boost Economy, and Improve Lives

 



The Lagos State Government, through the Ministry of Economic Planning and Budget, has officially launched the 80 Million Credit Float Project—a large-scale climate and economic resilience initiative aimed at tackling climate change, expanding economic opportunity, and improving health outcomes for millions of Nigerians, particularly women and children.

The initiative, unveiled during a high-level press briefing at the Bagauda Kaltho Press Centre, Alausa, is a strategic partnership with GreenPlinth Africa and represents one of Nigeria’s most ambitious climate and economic projects to date.

Key Objectives of the 80 Million Credit Float Project

  • Disburse 80 million clean energy loans to Nigerian households

  • Create over 35 million green jobs across the country

  • Improve public health by reducing indoor air pollution through clean cooking technology

  • Generate 1.2 million carbon credits, unlocking over $1 billion in revenue over the next 15 years

  • Launch Africa’s first subnational carbon exchange — the Lagos Carbon Exchange (LCX)

Leadership and Governance

The Project Advisory Board is chaired by Governor Babajide Sanwo-Olu, with Governor Mohammed Umar Bago of Niger State serving as Deputy Chairman. The board is further supported by six Vice Chairpersons representing Nigeria’s geopolitical zones and members from the private sector, NGOs, civil society organisations, and development agencies.

Speaking at the launch, Commissioner for Economic Planning and Budget, Mr. Ope George, emphasized that the initiative aligns with the THEMES Plus Agenda of the Lagos State Government and underlines its commitment to climate-smart, people-focused economic solutions.

“This is more than a policy move; it is an economic catalyst,” said George. “With over 35 million green jobs projected and Africa’s first subnational carbon exchange to be launched in Lagos, this is a transformative step toward climate and economic resilience.”

Project Highlights

According to Mrs. Titi Oshodi, Special Adviser to the Governor on Climate Change and Circular Economy and head of the Project Compliance Team, the initiative includes:

  • Distribution of 6 million free clean cookstoves, beginning in Makoko in June 2025

  • Establishment of free clean food stores for underserved families

  • N10,000 annual incentives for households using clean cooking methods under a "Pay-to-Cook" programme

  • Renewable energy support for small businesses

  • Free health insurance for participating families

  • Creation of 400 million economic trees to combat deforestation and food insecurity

  • Allocation of ₦1 billion annually to each of Lagos’ 57 local councils for sustainable development

Oshodi also confirmed that Lagos will lead Africa’s subnational carbon credit trading via the Lagos Carbon Exchange (LCX)—a groundbreaking platform that will enable the state to monetize environmental efforts and reinvest in clean energy, health, transportation, and job creation.

Institutional Backing

The launch included the inauguration of both the State Working Group (SWG) and the Internal Working Group (IWG). Senior government officials present included:

  • Mrs. Cecilia Dada, Commissioner for Women Affairs & Poverty Alleviation

  • Mrs. Folashade Bada Ambrose, Commissioner for Commerce, Trade & Investment

  • Mr. Biodun Ogunleye, Commissioner for Energy & Mineral Resources

  • Prof. Akin Abayomi, Commissioner for Health

  • Mr. Olakunle Rotimi-Akodu, Special Adviser on the Environment

  • Mrs. Olayinka Ojo, Permanent Secretary, Economic Planning and Budget

  • Dr. Olawale Akinwunmi, President of GreenPlinth Africa

  • Dr. Adebola Odunsi, Chief Transformation Officer and Project Manager

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