Abuja: The University of Nigeria, Nsukka (UNN), in collaboration with other stakeholders, has shown a strong commitment to providing evidence-informed policy advice for the development of a regulatory framework for carbon markets. Prof. Oguejiofo Ujam, Acting Vice-Chancellor of UNN, announced this initiative on Wednesday during a Dissemination and Stakeholders' Workshop on the Potential and Challenges of Voluntary Carbon Market in Nigeria.
According to News Agency of Nigeria, Ujam emphasized the university's efforts through the Resource and Environmental Policy Research Centre (REPRC-EfD) Nigeria to guide policymakers in crafting a comprehensive regulatory framework for carbon markets. He explained that these markets create financial incentives for reducing greenhouse gas emissions, a crucial step in transitioning to a low-carbon economy. Article 6 of the Paris Agreement, which allows countries to trade carbon credits to meet their emission reduction targets, underscores the importance of such markets.
As part of their engagements, the centre held an inception workshop on the Voluntary Carbon Market (VCM) research project in January 2025. Ujam noted that the VCM was globally valued at $2 billion in 2022, while analysts projected Africa's potential VCM value could reach up to $1.5 trillion by 2050, assuming integrity and equity are maintained. Nigeria aims to capture a significant share of this market, with the Nigeria Carbon Market Activation Policy targeting $2.5 billion in high-integrity carbon-credit investments by 2030.
Ujam highlighted that VCMs could help reduce emissions and serve as a revenue source for countries in the global South. However, without proper analysis and a robust governance system, there could be significant carbon leakages and adverse impacts on marginalized communities. He emphasized the need for knowledge generation and collaboration among stakeholders, including government, businesses, and local actors, to address these challenges and uncertainties.
The event offered an opportunity to present fresh empirical evidence on the potential and challenges of the VCM in Nigeria, providing a platform for stakeholders to engage with emerging issues in the country's carbon-market architecture. Ujam expressed gratitude to all stakeholders supporting the project, noting that their efforts were crucial in building an effective carbon market for Nigeria.
Prof. Nnaemeka Chukwuone, Director of REPRC EfD, Nigeria, reiterated the role of carbon markets in reducing emissions and mitigating climate change. He urged stakeholders to support the project's effective implementation to achieve climate goals. Mr. Jamani Ejiro, Commissioner for Environment, Delta, highlighted the challenges associated with carbon markets, emphasizing the need for clear regulatory frameworks, carbon registries, robust monitoring, and transparency through effective collaboration. Ejiro's remarks were delivered by Mrs. Briggs Doye, Director of the Climate Change Department at the Ministry of Environment of the state.