A coalition of environmental rights organisations has faulted Vice President Kashim Shettima’s recent call for new financing models to “harness the economic value of nature,” warning that the move could amount to commodifying the environment and undermining true climate justice.
Speaking in Belém, Brazil, ahead of the United Nations Climate Change Conference (COP30), Shettima had urged the creation of finance systems that would monetise Nigeria’s natural assets, including its forests, land, and water bodies.
But the groups, Corporate Accountability and Public Participation Africa (CAPPA), Health of Mother Earth Foundation (HOMEF), Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), Lekeh Development Foundation, and Social Action, said the proposal reflects a “disturbing misinterpretation of true climate justice.”
In a joint statement, they warned that placing a market value on nature aligns Nigeria with corporate and market-driven interests rather than the rights and aspirations of its citizens, particularly those most affected by climate change.
The groups said: “We find this framing deeply troubling because it reduces nature, our collective heritage and source of life, to a mere economic asset. Such approaches, often packaged as ‘nature-based solutions’ or ‘carbon markets,’ promote the financialisation of the environment, turning ecosystems into speculative commodities traded for profit.”
They noted that such schemes have historically prioritised financial returns over preservation, resulting in ecosystem destruction, displacement of smallholder farmers and indigenous communities, and worsening food insecurity.
The statement continued: “Commodifying nature violates human dignity and cultural rights. It strips indigenous and local peoples of their identity and traditional stewardship roles while opening the door to corporate capture and greenwashing, where polluting companies buy carbon credits instead of cutting emissions.”
The groups further warned that Nigeria risks losing its ecological sovereignty if it mortgages its natural wealth to volatile international carbon markets and foreign investors.
They urged the Federal Government to resist the temptation of trading its ecological resources for short-term financial gains and instead invest in renewable energy, agroecology, and community-led conservation initiatives.
“True climate justice must be people-centred, rooted in equity, and protective of human and environmental rights, not dictated by corporate profit motives. Nature should remain a shared trust, not a tradable commodity. The State’s duty is to safeguard the environment and human dignity, not exploit them in pursuit of market interests.” the organisations said.
The statement was jointly signed by CAPPA, HOMEF, ERA/FoEN, Lekeh Development Foundation, Social Action, and other partners committed to ecological justice and climate action.