By Dr. โBekeme Olowola
Nigeria has released its inaugural National Carbon Market Activation Policy and Framework. A forward-looking document setting out the countryโs direction towards a carbon market, the Framework clearly situates Nigeriaโs ambitions on the path to becoming a continental leader in high-integrity carbon markets. Nigeriaโs Framework comes at a time when global climate negotiations are progressively closing the expectations gap on environmental integrity, transparency, and just climate finance. This move by Nigeria would inevitably place it at the leading edge of norms evolution in Article 6 of the Paris Agreement. These global expectationsโintensely debated at COP 30 in Belรฉmโreinforce the need for credible emission reductions, robust accounting, and the avoidance of double-counting.
During COP 30, Nigeriaโs commitment to this agenda was prominently displayed. The dedicated Nigeria Day brought together senior government officials, regulators, development agencies, and private-sector leaders from multiple sectors. The strong turnout reflected a shared national conviction that Article 6 provides not only a climate obligation but a strategic economic opportunity. Discussions underscored Nigeriaโs determination to establish a transparent, well-governed system that attracts investment, enables technology transfer, and amplifies community-centred climate solutions.
Anchored in these global conversations, the new Framework sets out a clear legal, institutional, and fiscal structure for participation in both the Voluntary Carbon Market and Article 6 cooperative approaches. It details stringent rules for project eligibility, approval, monitoring, verification, issuance, and the use of corresponding adjustments, ensuring the integrity and international credibility of mitigation outcomes. Nigeria will also establish a national carbon registry, clarify carbon rights, and implement benefit-sharing and grievance mechanisms to strengthen community protection and inclusivity.
That is good news for Nigeria. With up to 124.7 MtCOโe mitigation potential, and a projected carbon market worth of up to USD 2.5 billion per year by 2030, the Framework creates a pathway to green growth for the country. It will support Nigeriaโs shift to a low-carbon development pathway, improve its capacity to deliver on its NDC commitments, and open up opportunities in renewable energy, clean cooking, sustainable waste management, and nature-based solutions. This, in turn, will help the country to decarbonise faster, create decent green jobs, and provide communities and the government with new sources of revenue.
Aligning ambition with international best practice (and showing it in bold at COP 30) means Nigeria can be a credible, progressive player in the international carbon markets. Nigeriaโs new Framework shows investors, partners and carbon-market players that it is ready to engage, with clarity, integrity and at scale.