Nigeria develops Carbon Market Ecosystem  

By Jennifer Inah

The Nigerian government said the Nigeria Carbon Market Activation Policy, NCMAP is designed to drive the development of Nigeria’s carbon market ecosystem by establishing a transparent system for trading carbon credits.

The Permanent Secretary of the Ministry of Industry Trade and Investment, Ambassador Nura Rimi disclosed this while speaking on Nigeria’s stride in Climate Mitigation and adaptation policies at the ongoing UN General Assembly.

He stated that NCMAP, is a bold declaration of the government’s unwavering commitment to a resilient and sustainable future for Nigeria and the African continent.

“This policy is not just a framework; it is a clarion call for collective action and investment in our future. Our efforts in establishing the NCMAP reflect our ambition to create a replicable model for carbon market development across Africa.”

“Under the visionary leadership of President Bola Ahmed Tinubu, Nigeria is emerging as a beacon of hope and innovation in addressing climate-related challenges.” Amb. Rimi noted.

He said the policy reaffirms the administration’s dedication to fostering an environment conducive to both local and foreign investment in our carbon market ecosystem.

“We commend the collaboration and extensive efforts of the Intergovernmental Committee, the National Council on Climate Change (NCCC), and the Africa Carbon Market Initiative (ACMI), along with other key stakeholders, whose dedication and expertise have been instrumental in shaping a robust and effective NCMAP.

“This framework is a pivotal step towards harnessing Nigeria’s vast carbon potential while addressing pressing environmental concerns. “

“By creating incentives for emission reductions, we are not only contributing to our Nationally Determined Contributions (NDCs) but also stimulating sustainable economic growth.” Amb. Rimi explained.

He noted that the Federal Ministry of Industry, Trade and Investment is committed to ensuring that the NCMAP incorporates a range of industrial and trade-related incentives to stimulate investment, foster innovation, and drive sustainable business practices.

According to him, “Our Ministry will focus on facilitating industrial growth, enhancing trade policies, and improving market access, thus creating an enabling environment for private sector engagement. By streamlining regulations and supporting capacity-building initiatives, we aim to enhance investor confidence, encourage sustainable industrial activities, and promote strategic partnerships.”

The Permanent Secretary noted that the institutional structure for NCMAP was crafted for maximum efficiency, significantly reducing the timeline required to approve projects and streamlining processes for ease of engagement with initiatives such as Article 6 transactions.

“This will enable us to respond swiftly to investment opportunities and further establish Nigeria as an attractive destination for global investors.

“We anticipate that the implementation of NCMAP will lead to a remarkable transformation, positioning Nigeria as a key player in the global carbon market. By 2030, we aim to unlock a carbon market potential of between USD 736 million and 2.5 billion, while generating between 600,000 to 2.3 million green jobs and creating sustainable livelihoods across the nation.

“This ambitious vision is an actionable plan supported by our federal government’s steadfast commitment to climate resilience and socio-economic development.” he added.