The Federal Government is moving to strengthen Nigeria’s carbon market by introducing a more robust system for measuring, reporting and verifying carbon projects.
The government said the move was aimed at improving the credibility of carbon credits, supporting forest conservation and making the market more attractive to investors.
The Minister of Environment, Balarabe Abbas Lawal, represented by the Director of Forestry, Halima Bawa Buhari, disclosed this at a high-level roundtable on operationalising Nigeria’s carbon market through effective Measurement, Reporting and Verification.
Buhari said reliable data on forest carbon storage, deforestation, forest degradation and changes in carbon stocks was essential to building a credible carbon market.
She called for improved forest monitoring using satellite data, ground measurements and emerging technologies, including artificial intelligence.
The director also urged relevant institutions to harmonise existing monitoring and accounting systems to improve the quality and consistency of carbon-market data.
The Director-General of the National Council on Climate Change, Omotenioye Majekodunmi, represented by the Director of Energy, Transportation and Infrastructure, Michael Ivenso, said an effective MRV system would be critical to attracting private investment and helping Nigeria meet its climate commitments.
Ivenso said the National Carbon Market Framework had provided the regulatory foundation for carbon-market activities, while the proposed MRV architecture would introduce a digital national carbon registry.
He said the system would also rely on technology-driven monitoring and improved data sharing among government agencies, state governments and carbon project developers.
Stakeholders at the meeting called for stronger collaboration among government institutions and other players to develop credible and bankable carbon projects capable of attracting investment.
The proposed measures are expected to improve transparency in Nigeria’s carbon market and give investors greater confidence in the integrity of carbon credits generated from projects in the country.
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