BY CHIKA OKEKE, Abuja
The National Council on Climate Change (NCCC) and European Union (EU) have strategised to position Nigeria’s carbon market to attract foreign investment, support low-carbon technology, and align national climate goals with economic development.
This will be achieved through Measurement, Reporting, and Verification (MRV) as the success depends on robust measurement systems to maintain transparency, environmental integrity, and buyer confidence.
Director General of NCCC, Mrs Omotenioye Majekodunmi stated this on Tuesday in Abuja at a High-level roundtable on ‘Operationalising Nigeria's Carbon Markets through Robust MRV’, organised by the NCCC in collaboration with the EU.
She disclosed that an effective national MRV system cannot operate in silos as it requires seamless data coordination between the NCCC, Federal Ministries of Energy, Environment, Agriculture, Transportation and Water Resources, as well as state governments, and project developers.
Majekodunmi harped on the need for the government to harmonise policies, adding that fiscal and monetary authorities must provide clarity on taxation, foreign exchange rules, and investment incentives for carbon transactions to optimise domestic benefit retention.
Carbon markets are highlighted as essential mechanisms for shifting national climate ambitions into funded projects even as establishing a carbon market in Nigeria aligns with decarbonisation and national economic development goals.
The adoption of Nigeria’s National Carbon Market Framework provides a structured legal architecture under the Climate Change Act 2021 and Article 6 of the Paris Agreement. The framework creates the regulatory clarity required to attract international buyers and institutional investors.
Head of Section, Green and Digital Economy, EU Delegation to Nigeria & ECOWAS, Ms Yolanda San Jose noted that carbon markets are playing an increasingly important role in supporting emissions reductions, mobilising finance, and encouraging investment, emphasising the need for countries to underpin credible systems that facilitates transparency, accountability, and environmental integrity.
The European Union is facilitating technical alignment, capacity building, and investment channels between European capital and Nigerian climate projects.
She said: “This is why Nigeria took a very important step last year by adopting its National Carbon Markets Framework, which is the foundation for confidence, trust, and effectiveness in Nigeria's emerging carbon market system.
Jose revealed that the development of a strong national carbon market system is both imperative and a significant opportunity for Nigeria, as it aligns climate targets with development priorities, support investment, and create an enabling environment for a low-carbon future.
Convened under the second phase of the European Union Climate Dialogues programme, Jose pointed out the need for a robust MRV market that delivers credible results for both Nigerians and the environment.
She said that the EU is pleased to partner with Nigeria, recognising the investment value of well-functioning carbon markets where Nigerian and European interests can harness opportunities.
Jose suggested that transparency, environmental integrity and solid MRV systems will prevent double counting, facilitating high-quality and quantifiable emissions reductions.
The forestry sector is central to Nigeria's climate response as forests are carbon sinks and temperature buffers, reduce natural disaster risks, while serving as important sources of livelihoods, human primary food and pharmacy source.
Director of Forestry, Federal Ministry of Environment, Halima Bawa-Bwari informed that forest provides carbon storage, biodiversity, soil protection, water regulation and other ecosystem services, supporting millions of Nigerians, particularly rural and forest-dependent communities.
She stated that the carbon-market development should support forest conservation rather than creating pressure for further forest exploitation, adding that MRV must be treated as a core foundation of Nigeria's carbon market.
Bawa-Bwari suggested that Nigeria should strengthen its National Forest Inventory and forest monitoring systems, saying that improving remote sensing, satellite and applicable AI technology will provide important opportunities for monitoring forests across the country.
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