- Nigeria eyes $2B carbon market by 2030
- Carbon markets: A boost for Nigeria’s green economy
- UNN explores voluntary carbon market opportunities
Nigeria is projected to generate over $2 billion through its carbon market activation program by 2030, according to Prof. Nnaemeka Chukwuone, Director of the Resource and Environmental Policy Research Centre (REPRC) at the University of Nigeria, Nsukka (UNN). Speaking at a workshop in Abuja on January 20, 2025, he highlighted the economic and environmental benefits of efficient carbon market implementation.
Chukwuone emphasized that carbon markets, which enable the trading of carbon credits, could create jobs, boost revenue, and support biodiversity conservation. Sectors like forestry, agriculture, and energy are expected to drive significant revenue through carbon offset programs.
Prof. Polycarp Chigbu, Acting Vice Chancellor of UNN, explained the distinction between compliance carbon markets and Voluntary Carbon Markets (VCM). The latter focuses on transactions outside regulatory frameworks and offers opportunities for developing nations to reduce emissions.
Dr. Nkiruka Maduekwe, Director-General of the National Council on Climate Change Secretariat, urged collaboration among stakeholders to fully implement the project. She noted that the initiative aligns with Nigeria’s Nationally Determined Contributions (NDCs) under the Paris Agreement, helping the country transition to a low-carbon economy.
The project aims to design efficient protocols for carbon market creation and increase awareness, particularly in the Global South. Stakeholders believe that a well-structured carbon market will be pivotal in addressing climate change and driving Nigeria’s sustainable development goals.