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Nigeria launches plan for a $2.5 billion carbon market

This week marks a significant milestone for Nigeria as Vice President Senator Kashim Shettima is set to initiate the committee for the country’s Carbon Market Activation Plan, a move orchestrated by President Bola Ahmed Tinubu. The plan, endorsed by the Africa Carbon Market Initiative (ACMI), positions Nigeria at the forefront of creating a robust, sustainable carbon market worth $2.5 billion.

Nigeria launches plan for a $2.5 billion carbon market_Landscape view of Mandara Mountains_visual 1Landscape view of Mandara Mountains, Nigeria. AI generated picture.

At the heart of this initiative is a blueprint, co-developed with various stakeholders, to frame policies that nurture an efficient carbon market ecosystem. President Tinubu's announcement at COP28 in December 2023 set the stage for this groundbreaking endeavour, naming Zacch Adedeji and Dr Dahiru Salisu as the project's leaders.

Read more: Decoding COP28: a global odyssey for environmental solutions

The committee, comprising officials from key ministries and departments, is tasked with drafting a strategy that attracts investment and prioritises green and sustainable projects. This initiative underscores Nigeria’s commitment to integrating local communities and fostering indigenous participation.

A testament to this commitment is the Electric Buses Rollout Programme, highlighted by President Tinubu as a key initiative for generating carbon credits. At COP28, Tinubu emphasised the initiative’s role in demonstrating Nigeria's dedication to environmental responsibility and partnership with the ACMI.

Read more: Carbon credit insurance market envisions billion-dollar growth by 2030

Through this ambitious plan, Nigeria aims to establish itself as a leading destination for green investments, showcasing a commitment to environmental stewardship and sustainable development.

DGB Group is a leading developer of carbon projects, pioneering the use of the carbon market for nature restoration. Thanks to our proficiency and the high quality of our carbon units (carbon credits), we are perfectly positioned for expansion and significant impact. Our nature-restoration projects are global, with a particular focus on Africa, restoring forests and degraded lands where needed most. We provide a chance for people, investors, and entities of any scale to tap into the growing carbon market and reap the advantages of solutions rooted in nature.

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