Nigeria is developing a plan to create a multi-billion carbon market.

Today is Wednesday, April 17, 2024.

Nigeria announced its ‘National Carbon Market Activation Plan’.

According to the press release "in the bid to create a blueprint to drive an efficient sustainable carbon market ecosystem ... initiative to harness Nigeria’s vast carbon potential which exceeds $2 billion … expand our participation in the voluntary and compulsory carbon market”.

The plan is expected to include an emissions trading scheme, a carbon registry, a framework for high-integrity carbon credits and even own methodologies, with an eye on Article 6 of the Paris Agreement. In that sense, give a look at the publications at Nigeria’s National Council on Climate Change.

Besides that, the plan also intendes to address Nigeria’s carbon footprint. The press release indicates “focus on natural gas as a transition fuel alone site investment in renewable energy sources”. Nigeria’s economy relies heavily on oil.

The Africa Carbon Market Initiative (ACMI) is collaborating and supporting all that. Last year, on March 2023, ACMI published a 12-pages  overview indicating the African “huge untapped potential”, as currently only five countries - Kenya, Zimbabwe, Congo (DRC), Ethiopia and Uganda - account for ~65% of carbon credit issuances with over 70% of projects in forestry or land use. In that report, Nigeria was indicated with carbon credits issuances below 3.5 MtCO2e.

Click here to see the members of the Steering Committee of ACMI. Among them ICVCM, Gates Foundation, Bezos Earth Fund and The Rockefeller Foundation.

Still about Africa, a few days ago, at LinkedIn, we posted another thorough white-paper by the African Energy Council on that continent’s potential, titled "Carbon Credit: Catalyzing Carbon Finance in Africa". That report quoted the South-South region of Nigeria, its mangrove forests as “world-class for carbon abatement”. Here the post and here the white-paper itself.

According to their website, the African Energy Council has offices in Abuja, the capital of Nigeria 🇳🇬 and in London, England 🇬🇧.

Click at the image below for the press release from last March 7, 2024 by the Nigerian Government.

You might also be interested in the article “Nigeria’s carbon market key to sustainable environment, economy: Minister” from January 2024 at The Peoples Gazette portal.

Nigeria is the country with the largest population in Africa. In 2023 there were more than 223 million inhabitants.

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www.carboncreditmarkets.com

2024 Portal Nigeria National Council on Climate Change. Publications.