Nigeria to gain over $2.5bn in carbon investments by 2030, says UNN VC

From Isaac Anumihe, Abuja

Vice Chancellor (VC), University of Nigeria, Nsukka (UNN), Professor Simon Uchenna Ortuanya, has said Nigeria would gain over $2.5 billion in carbon investments by 2030.

Speaking at the stakeholders’ validation workshop on Nigeria’s voluntary carbon market (VCM), in Abuja, Ortuanya valued the global VCM at $2 billion, adding that analysts also place Africa’s potential VCM at up to $1.5 trillion by 2050, provided integrity and equity are safeguarded.

The VC, who was represented by the Director of Resource and Environmental Policy Research Centre, University of Nigeria, Nsukka (REPRC-EfD), Dr Nnaemeka Chukwuone, also noted that with the carbon market, now in place, Nigeria is positioning itself to capture a sizeable share of about $2.5 billion in high-integrity carbon-credit investment by 2030.

Although he said VCM could help reduce emissions and serve as a source of revenue to countries in the global south, especially Nigeria, without proper analysis to support efficient implementation, there is a risk of significant carbon leakages, as well as a risk of severe impacts on marginalised members of society.

“Without a robust governance system, there could be substantial emission leakage, with negative distributional implications. Hence, to harness the potential benefit of carbon markets in Nigeria, it is critical to generate and advance knowledge among stakeholders, including government, businesses and local actors, on these challenges and uncertainties.

“Thus, I consider today’s event very significant because it offers us an opportunity to validate the empirical report on the potential and challenges of the VCM in Nigeria. It provides a platform for all stakeholders to interrogate the emerging issues and challenges in Nigeria’s carbon-market architecture, particularly regarding regulation, measurement, reporting and verification (MRV), the development of carbon offset projects and community participation.

“Today’s event will also help us to develop an actionable agenda for government, business and local actors that balances environmental integrity with equitable benefit-sharing.

“The University of Nigeria, through the Resource and Environmental Policy Research Centre, EfD Nigeria, has demonstrated the capacity to provide evidence-informed policy advice to guide policymakers in Nigeria, including, in this case, the development of a comprehensive regulatory framework for Nigeria’s carbon market.

“As part of the engagements, the centre held an inception workshop on the VCM research project in January 2025 and a dissemination workshop in July 2025. It is encouraging to see many of the stakeholders who contributed to the previous dialogues gathered here once again, united in purpose,” he said.