The Federal Government of Nigeria has taken a significant step towards establishing a structured system for carbon market operations by approving a framework for its operation. According to Prof. Simon Uchenna Ortuanya, Vice-Chancellor of the University of Nigeria, the global carbon market offers countries opportunities to mobilize climate finance for greenhouse gas emission reduction and removal while supporting the transition to a low-carbon economy.
The approval is particularly important for Nigeria as the country seeks to pursue economic growth, industrial development, energy access, and poverty reduction while responding to climate change. Ortuanya, represented by Prof. Nnaemeka Chukwuone, spoke at the National Stakeholders Review and Validation Workshop on the draft Host Country Approval Criteria for Nigeria’s Carbon Market Operations, organized by the National Council on Climate Change in Abuja.
The next critical task is to ensure that the framework is supported by clear, practical, and transparent host country approval criteria. The criteria will guide the eligibility and assessment of carbon market projects while clarifying institutional responsibilities, measurement and reporting procedures, verification requirements, environmental and social safeguards, alignment with Nigeria’s nationally determined contributions, registry and transparency arrangements, and carbon accounting.
Ortuanya stressed the need for the criteria to protect Nigeria’s interests while remaining practical and predictable within the country’s regulatory environment. He said the proposed criteria were developed with research input from the University of Nigeria, adding that effective public policy should be based on credible research, evidence, and stakeholder engagement.
The Vice Chancellor said the participatory approach adopted for the workshop included technical sessions, stakeholder group discussions, and plenary deliberations aimed at generating recommendations for refining and finalizing the Host Country Approval criteria. He urged participants to examine the proposed project eligibility and assessment requirements and determine whether institutional roles and coordination arrangements were sufficiently clear.
The workshop aimed to ensure that the framework is supported by clear and practical criteria, and that Nigeria’s interests are protected while remaining practical and predictable within the country’s regulatory environment. The approval of the carbon market framework is a significant step towards mobilizing climate finance and supporting the transition to a low-carbon economy in Nigeria.
Key points
- The Federal Government of Nigeria has approved a framework for its carbon market operations to mobilize climate finance and support the transition to a low-carbon economy.
- The framework will guide the eligibility and assessment of carbon market projects, clarifying institutional responsibilities and measurement and reporting procedures.
- The proposed criteria were developed with research input from the University of Nigeria, emphasizing the importance of credible research and stakeholder engagement in effective public policy.
