The University of Nigeria, Nsukka (UNN), has projected that Nigeria could earn over $2 billion from its carbon market activation program by 2030.
Investors King gathered that this was disclosed by the Director of the Resource and Environmental Policy Research Centre (REPRC) and the Environment for Development (EfD) initiative in Nigeria, Prof. Nnaemeka Chukwuone, during a one-day workshop held in Abuja.
“Under the carbon market activation programme, it is estimated that Nigeria will have over two billion dollars by 2030. I believe that if things are done well, it will go beyond that because it will generate a lot of revenue. It will also create job opportunities,” he said.
He added, “For instance, if we have offsets in the forestry, agriculture, or even energy sectors, the country will have a lot of money coming from carbon markets. It will also help to sustain the environment in terms of biodiversity conservation and ecosystem.”
Chukwuone explained that carbon markets are trading systems that allow governments and non-state actors to buy and sell carbon credits.
Meanwhile, Acting Vice Chancellor of UNN, Prof. Polycarp Chigbu, spoke on the role of the REPRC in advancing interdisciplinary research, capacity building, and policy advocacy on environmental and resource economics.
He stressed that carbon markets are vital to transitioning to a low-carbon economy.
“Carbon markets are into two categories: compliance carbon markets and Voluntary Carbon Markets (VCM). The VCM encompasses all transactions of carbon offsets not purchased under a regulated carbon market, while compliance carbon markets are marketplaces through which regulated entities obtain offsets under regulatory regimes,” he explained.
Additionally, the Director-General of the National Council on Climate Change Secretariat, Dr. Nkiruka Maduekwe, described the carbon market as a crucial opportunity for Nigeria to address climate change challenges effectively.
“We know that climate change is a serious problem today, and the carbon market is an opportunity to address this issue appropriately,” Maduekwe stated.
She urged relevant stakeholders to support the government and REPRC/EfD initiative to ensure the successful implementation of the carbon market program.
The workshop underscored the importance of developing Nigeria’s carbon market framework, positioning the country to leverage global opportunities in the fight against climate change while promoting sustainable economic growth.