Precious Anga
Lagos — The Federal Government has approved Nigeria’s carbon market framework, setting the stage for a more structured system for carbon projects, emissions reduction and climate finance in the country.
The approval was disclosed at the National Stakeholder Review and Validation Workshop on the draft host country approval criteria for Nigeria’s carbon market operations, held in Abuja.
Vice Chancellor of the University of Nigeria, Nsukka, Professor Simon Uchenna Ortuanya, described the approval as an important step towards establishing a structured system for carbon market operations.
Represented by the Director of the Resource and Environmental Policy Research Centre, UNN, Dr Nnaemeka Chukwuone, Ortuanya said the next task was to develop clear, practical and transparent criteria to guide the implementation of the framework.
He said the proposed criteria would determine the eligibility, screening and assessment of carbon market projects, while clearly defining institutional responsibilities and approval procedures.
The criteria are also expected to establish requirements for measurement, reporting and verification, environmental and social safeguards, alignment with Nigeria’s Nationally Determined Contribution registry, transparency arrangements and carbon accounting.
Ortuanya said the approval criteria must be strong enough to protect Nigeria’s interests while remaining practical and predictable for project developers and investors.
Director-General of the National Council on Climate Change, Dr Omotenioye Majekodunmi, said the approval of the carbon market framework had placed a clear responsibility on stakeholders to establish host country approval criteria that protect Nigeria’s national interests and provide certainty for credible investors.
She said Nigeria’s participation in carbon markets must be based on credible, transparent and equitable arrangements that deliver benefits to the country and its people.
Majekodunmi stressed that carbon projects must produce genuine emissions reductions, contribute to sustainable development, respect host communities, promote social inclusion and remain aligned with Nigeria’s climate and development priorities.
The Scientific Adviser to PEP, Professor Adeola Adenikinju, said the global carbon market presents opportunities for countries to mobilise climate finance, support greenhouse gas emissions reduction and removal, and accelerate the transition to a low-carbon economy.
For Nigeria, he said carbon-market opportunities are particularly important as the country seeks to balance economic growth and industrial development with greater energy access, poverty reduction and the need to respond to climate change.
A well-governed carbon market, Adenikinju added, could provide additional resources to support poverty reduction and economic growth.
The development of clear approval criteria is therefore expected to provide the regulatory foundation for Nigeria to participate in carbon markets while ensuring that carbon projects deliver measurable environmental, economic and social benefits.
