Nigeria Targets $2.5 Billion Carbon Credit Investment by 2030

Nigeria has set a bold target to attract $2.5 billion in high-integrity carbon credit investments by the year 2030, as part of its broader efforts to leverage climate finance and transition to a low-carbon economy.

The announcement was made by the Acting Vice Chancellor of the University of Nigeria, Nsukka (UNN), Professor Oguejiofo T. Ujam, during a stakeholders’ workshop on the voluntary carbon market held in Abuja. He revealed that plans are underway to launch a national carbon registry that will align with the global standards under Article 6 of the Paris Agreement.

Although the full Carbon Market Activation Policy is still awaiting final approval, the country has made significant progress, including the development of regulatory frameworks and the establishment of infrastructure to support carbon trading mechanisms.

Professor Ujam highlighted the two types of carbon markets—voluntary and compliance—emphasizing the need for accurate measurement, transparent reporting, and reliable verification systems to ensure environmental integrity.

Also speaking at the workshop, experts from the University of Nigeria’s Resource and Environmental Policy Research Centre projected that the carbon market could generate more than $2 billion in revenue for Nigeria by 2030. The initiative is expected to open up new economic opportunities, especially in areas such as forestry, agriculture, and renewable energy, while creating thousands of green jobs across the country.

The workshop brought together stakeholders from government agencies, academia, and the private sector to deliberate on how Nigeria can strategically position itself within the global carbon credit economy, in line with its commitments under the Climate Change Act and Energy Transition Plan.