The Federal Government has approved a framework to institutionalise carbon market operations in Nigeria and is now working to establish clear criteria for approving carbon market projects.
Prof. Simon Uchenna Ortuanya, Vice-Chancellor of the University of Nigeria, Nsukka (UNN), disclosed this at the National Stakeholders Review and Validation Workshop on the draft Host Country Approval Criteria for Nigeria’s Carbon Market Operations in Abuja.
Ortuanya, who was represented by Prof. Nnaemeka Chukwuone, said the approval marked an important step towards creating a structured and transparent carbon market in Nigeria.
He said global carbon markets could help countries mobilise climate finance for greenhouse gas emission reduction and removal projects while supporting the transition to low-carbon economies.
According to him, the opportunity is particularly significant for Nigeria as the country seeks to balance economic growth, industrial development, expanded energy access and poverty reduction with the need to address climate change.
“The approval represents an important step towards establishing a structured system for carbon market operations in the country.
“The next critical task, which is the reason why we are in this meeting, is to ensure that the framework is supported by clear, practical and transparent host country approval criteria,” he said.
Ortuanya said the proposed criteria would provide a framework for determining the eligibility and assessment of carbon market projects while clarifying institutional responsibilities and approval procedures.
He said the criteria would also cover measurement and reporting, verification requirements, environmental and social safeguards, alignment with Nigeria’s Nationally Determined Contributions (NDCs), registry and transparency arrangements, as well as carbon accounting.
The Vice-Chancellor stressed that the approval criteria must protect Nigeria’s national interests while remaining practical, predictable and compatible with the country’s regulatory environment.
He said the proposed criteria were developed with research input from the University of Nigeria, underscoring the importance of evidence-based research and stakeholder engagement in public policy development.
Ortuanya said the workshop adopted a participatory approach involving technical sessions, stakeholder group discussions and plenary deliberations to generate recommendations for refining and finalising the Host Country Approval Criteria.
He urged participants to critically review the proposed project eligibility and assessment requirements and determine whether the roles of relevant institutions and coordination mechanisms were sufficiently clear.
He also called for an assessment of whether the proposed approval and authorisation processes could function effectively within Nigeria’s existing institutional and regulatory framework.
The workshop is expected to help refine the criteria before their finalisation, providing a clearer basis for the approval and oversight of carbon market projects in Nigeria.
