Nigeria Initiates ‘National Carbon Market Activation Plan’ To Tap Into $2.5 Billion Opportunity

Nigeria Initiates ‘National Carbon Market Activation Plan’ To Tap Into $2.5 Billion Opportunity - Carbon Herald

Earlier this week the Vice President of Nigeria, Senator Kashim Shettima, will inaugurate the committee tasked by President Bola Ahmed Tinubu to develop Nigeria’s Carbon Market Activation Plan.

Supported by the Africa Carbon Market Initiative (ACMI), the Federal Government of Nigeria is spearheading efforts to implement a co-created blueprint. This blueprint aims to establish frameworks and policies for an efficient and sustainable carbon market ecosystem valued at USD $2.5 billion.

President Tinubu initially announced the creation of the intergovernmental committee on carbon markets at COP28 in December 2023. He appointed Mr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), and Dr. Dahiru Salisu, the Director General of the National Council on Climate Change (NCCC), as co-chairs.

Joining the co-chairs are representatives from various government ministries and departments, including the Ministry of Finance/Coordinating Minister of the Economy, the Ministry of Environment, the Ministry of Industry, Trade and Investment, and others.

These committee members have the responsibility of ensuring that the forthcoming plan outlines a roadmap to make Nigeria an attractive hub for investors. The focus will be on driving investments in innovative, green, and sustainable initiatives while maintaining high integrity and credible carbon credits. Additionally, the plan aims to ensure the inclusion of local communities and indigenous groups.

Relevant: Nigeria Sovereign Investment Authority Strikes $50m Carbon Market Partnership With Vitol

One concrete example of the government’s commitment to using carbon markets to finance sustainable development is the Electric Buses Rollout Programme. President Tinubu launched this pilot, which will serve as one of the projects for generating carbon credits.

Speaking at COP28 in December 2023, President Tinubu commented on the Nigerian carbon market’s goals by saying, “This initiative stands as a testament to our dedication to environmental stewardship, as clearly exemplified through our collaboration with the Africa Carbon Market Initiative.”

Read more: Voluntary Carbon Markets In West Africa: New Partnership Between VCMI And WAA

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