The University of Nigeria, Nsukka (UNN), in collaboration with other stakeholders, has demonstrated commitment by providing evidence-informed policy advice to guide in developing regulatory framework for carbon market.
Prof. Oguejiofo Ujam, Acting Vice-Chancellor, UNN, disclosed this on Wednesday in Abuja, at a Dissemination and Stakeholders’ Workshop on Potential and Challenges of Voluntary Carbon Market in Nigeria.
Ujam said the university, through the Resource and Environmental Policy Research Centre (REPRC-EfD) Nigeria, has demonstrated capacity in providing evidence-informed policy advice to guide policymakers in developing a comprehensive regulatory framework for carbon market.
He explained that the carbon markets were mechanisms that created financial incentives for reducing Green House Gas (GHG) emissions.
He said the carbon markets were being recognized as key to transitioning to a low-carbon economy, particularly with article 6 of the Paris Agreement allowing countries to trade carbon credits to meet their emission reduction targets.
The acting V-C said that as part of the engagements, the centre held an inception workshop on Voluntary Carbon Market (VCM) research project in January 2025.He noted that globally, the VCM was valued at 2 billion dollars in 2022.
“Meanwhile, analysts place Africa’s potential VCM value at up to 1.5 trillion dollars by 2050, provided integrity and equity are safeguarded.“
Nigeria is positioning itself to capture a sizeable share, the Nigeria Carbon Market Activation Policy, yet to be approved, targets 2.5 billion dollars in high-integrity carbon-credit investment by 2030.
Also, establishes a national registry aligned with article 6.Ujam said that VCM can help reduce emissions and serve as a source of revenue to countries in the global South.
He added that in Nigeria especially, without proper analysis to support efficient implementation, there might be a risk of significant carbon leakages and severe impacts on marginalized members of society.
“Without a robust governance system, there could be substantial emission leakage, which can have negative distributional implications.“
Hence, to harness the potential benefit of carbon markets in Nigeria, it is critical to generate and advance knowledge among stakeholders, including government, businesses, and local actors, on these challenges and uncertainties.
“Thus, I consider today’s event very significant because it offers us an opportunity to present fresh empirical evidence on the potential and challenges of the VCM in Nigeria.“
It presents a platform for all stakeholders to interrogate the emerging issues and challenges in Nigeria’s emerging carbon-market architecture,” he said.
Ujam thanked all the stakeholders partnering and supporting the project, adding that their efforts would help in building a carbon market that would strongly work for Nigeria.
Speaking, Prof. Nnaemeka Chukwuone, Director, REPRC EfD, Nigeria, said that carbon markets could be used as a means of reducing carbon emissions and its rate.
He said that scientists were using carbon markets for carbon storage to mitigate climate change, urging relevant stakeholders to support in ensuring effective implementation of the project to achieve climate goals.
Mr Jamani Ejiro, Commissioner for Environment, Delta, noted challenges being associated with the carbon markets, adding that it was important to take cognisance of such challenges.
Ejiro said that such challenges, which included the need for clear regulatory frameworks, establishment of carbon registry, robust monitoring, transparency, among others, required effective collaboration.
Ejiro was represented by Mrs Briggs Doye, Director, Climate Change Department, Ministry of Environment of the state.
