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The Nigeria Sovereign Investment Authority has said it has completed a joint venture agreement with Vitol to invest in a range of carbon avoidance and removals projects.
According to a statement, an initial $50m has been committed, with a view to attracting new investors as the partners developed the project pipeline.
The joint venture would commence with projects in Nigeria, partnering with local firms with proven track records of successfully delivering high-quality projects, combining carbon offsetting with social outcomes that contribute to the attainment of UN Sustainable Development Goals.
Its investments would focus on various sectors, including infrastructure, agriculture, and energy.
The Managing Director of the NSIA, Aminu Umar-Sadiq, said that given the NSIA’s mandate as the custodian of economic resources for the next generation of Nigerians, tackling climate risks that had adverse effects on the environment was core to the objectives of the Authority.
He said the NSIA’s sustainability objectives were beyond seeking out profitable investments that incorporated climate solutions, but more pressingly to mitigate activities that could have adverse impact on the well-being of the next generation.
To achieve this objective, the NSIA boss said the Authority had implemented a three-fold sustainability strategy that firstly addressed sustainability at an institutional level.
The strategy was also expected to embed ESG practices in its investment process, while advancing climate solutions that helped to lower Nigeria’s carbon footprint.
Building partnerships with other institutions to support Nigeria’s overall goal of achieving net-zero emissions by 2060 was also a major objective of this initiative, he noted.
Umar-Sadiq said the NSIA acknowledged the significant resources required to undertake green projects that delivered appreciable social impact and had partnered with Vitol to set up CarbonVista as a platform for developing quality projects and attracting third-party capital.
On her part, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said the NSIA’s unwavering commitment to promoting sustainable development in Nigeria was evident through its extensive portfolio of successful projects.
According to her, CarbonVista represented yet another milestone in NSIA’s mission to build critical infrastructure and create investment opportunities that drive economic growth and development in Nigeria.
Vitol’s Head of Environmental Products, Michael Curran, said, “Our partnership with NSIA in support of Nigeria’s efforts to cut GHG emissions aligns with Vitol’s commitment to Sub-Saharan Africa.”
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