Nigeria advances carbon market framework with stakeholder workshop
Nigeria has established criteria for approving carbon projects as part of its $2.5-$3 billion carbon market framework.
In Brief
- •Nigeria has established criteria for approving carbon projects as part of its $2.5-$3 billion carbon market framework.
- •The National Stakeholder Review and Validation Workshop was held in Abuja to finalize the Host Country Approval Criteria.
- •The framework aims to unlock $2.5 billion to $3 billion annually in carbon finance over the next decade.
- •The government has secured approval for the carbon market framework and is overseeing its implementation.
- •The workshop marks a further step in a process that began nearly a year earlier, following President Bola Tinubu’s approval of the framework.
Why It Matters
Nigeria's carbon market framework represents a significant opportunity to diversify its economy and reduce greenhouse gas emissions. The framework, which spans forestry, energy, and agriculture, aligns with international agreements and could attract significant investment. However, the success of the framework will depend on establishing robust approval criteria to ensure the integrity of carbon projects and attract credible investors.
Key Details
- Projected Annual Revenue
- $2.5 billion to $3 billion
- Framework Approval Date
- Late October 2025
- Full Implementation Date
- January 2026
- Oversight Body
- National Council on Climate Change (NCCC)
- Framework Scope
- Forestry, energy, and agriculture
Context & Background
Nigeria's carbon market framework is part of a broader effort to address climate change and diversify its economy. The framework aligns with Article 6 of the Paris Agreement, which governs international cooperation on emissions trading and carbon credits between countries.
Original Reporting & Sources
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