Nigeria to gain over $2.5bn from carbon investments –UNN VC

From Isaac Anumihe, Abuja

Nigeria is poised to attract more than $2.5 billion in carbon investments by 2030, the Vice Chancellor of the University of Nigeria, Nsukka (UNN), Professor Simon Uchenna Ortuanya, has said.

Speaking at the Stakeholders’ Validation Workshop on Nigeria’s Voluntary Carbon Market (VCM) in Abuja, Ortuanya highlighted that the global VCM is currently valued at $2 billion, while Africa’s potential could reach up to $1.5 trillion by 2050—if integrity and equity are maintained.

Represented at the event by Dr. Nnaemeka Chukwuone, Director of the Resource and Environmental Policy Research Centre (REPRC-EfD) at UNN, the VC emphasised that Nigeria is positioning itself to capture a significant share of high-integrity carbon-credit investments.

“While the VCM can reduce emissions and generate revenue for countries in the global south, including Nigeria, improper implementation risks carbon leakages and adverse impacts on marginalised communities,” he warned.

Ortuanya stressed the importance of a robust governance system to prevent emission leakage and ensure equitable benefit-sharing.

“To harness the benefits of carbon markets, stakeholders—including government, businesses, and local actors—must be well-informed about the challenges and uncertainties involved,” he said.

He added that the workshop offers a critical platform to validate empirical research on Nigeria’s VCM, examining issues such as regulation, measurement, reporting, and verification (MRV), carbon offset project development, and community participation.

The event is also aimed at developing an actionable agenda for government, businesses, and local actors that balances environmental integrity with equitable benefits.

“The University of Nigeria, through REPRC-EfD, has the capacity to provide evidence-based policy advice to guide the development of a comprehensive regulatory framework for Nigeria’s carbon market,” Ortuanya noted.

He also recalled previous engagements, including an inception workshop in January 2025 and a dissemination workshop in July 2025, praising stakeholders for their continued collaboration.