The Nigeria Sovereign Investment Authority (NSIA) announced that it has finalized a joint‑venture agreement with Vitol to invest in a range of carbon‑avoidance and removal projects. An initial $50 million has been committed, with the aim of attracting additional investors as the partners develop the project pipeline. The venture will begin with projects in Nigeria, partnering with local firms that have proven track records of delivering high‑quality initiatives that combine carbon offsetting with social outcomes aligned with the UN Sustainable Development Goals. Investments will target sectors such as infrastructure, agriculture and energy.
Aminu Umar‑Sadiq, Managing Director of the NSIA, emphasized that the Authority’s mandate as custodian of economic resources for future generations makes tackling climate risks a core objective. He explained that the NSIA’s sustainability goals go beyond seeking profitable investments that incorporate climate solutions; they also focus on mitigating activities that could harm the well‑being of the next generation. To achieve this, the NSIA has implemented a three‑fold sustainability strategy: first, addressing sustainability at an institutional level; second, embedding ESG practices into its investment process; and third, advancing climate solutions that reduce Nigeria’s carbon footprint. Building partnerships with other institutions to support Nigeria’s target of net‑zero emissions by 2060 is also a major objective of the initiative.
Umar‑Sadiq noted that the NSIA recognizes the substantial resources required for green projects that deliver significant social impact, which is why it partnered with Vitol to establish CarbonVista—a platform for developing quality projects and attracting third‑party capital.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, affirmed the NSIA’s unwavering commitment to sustainable development in Nigeria, citing its extensive portfolio of successful projects. She described CarbonVista as another milestone in the Authority’s mission to build critical infrastructure and create investment opportunities that drive economic growth and development.
Michael Curran, Vitol’s Head of Environmental Products, added, “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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