Abuja: Prof. Simon Ortuanya, Vice Chancellor of the University of Nigeria, Nsukka (UNN), revealed that Nigeria aims to secure $2.5 billion in high-integrity carbon credit investments by 2030, with its carbon market now established.
According to News Agency of Nigeria, Ortuanya made this disclosure during the Stakeholders’ Validation Workshop on the Potential and Challenges of the Voluntary Carbon Market in Nigeria, held on Thursday in Abuja. The event was organized by the Resources and Environmental Policy Research Centre, Environment for Development (REPRC-EfD) UNN. He emphasized the importance of carbon markets in transitioning to a low-carbon economy, particularly through Article 6 of the Paris Agreement, which enables countries to trade carbon credits.
Ortuanya explained that carbon markets are divided into two categories: Compliance Carbon Markets (CCM) and Voluntary Carbon Markets (VCM). While the VCM includes all transactions of carbon offsets not purchased under a regulated carbon market, CCM are marketplaces where regulated entities obtain offsets under regulatory regimes. Although the compliance market remains hypothetical in Africa, the VCM has existed for over two decades, demonstrating remarkable growth primarily driven by the private sector.
Globally, the VCM was valued at $2 billion in 2022, and analysts estimate Africa’s potential VCM value could reach up to $1.5 trillion by 2050, provided integrity and equity are maintained. With the carbon market now in place, Nigeria is positioning itself to capture a significant share of about $2.5 billion in high-integrity carbon credit investment by 2030, in alignment with Article 6.
Ortuanya warned that poor implementation could lead to carbon leakage and adverse effects on vulnerable communities, highlighting the necessity for strong governance systems to prevent negative distributional impacts. He stressed that stakeholder knowledge and collaboration are crucial in addressing uncertainties in the carbon market, and he described the workshop as an opportunity to validate findings on Nigeria’s carbon market potential and challenges.
The vice-chancellor stated that the forum would examine issues such as regulation, measurement, reporting, verification, and community participation. The engagement aims to develop actionable strategies that balance environmental integrity with equitable benefits. Ortuanya noted that UNN, through its research center, has the capacity to provide evidence-based policy guidance, citing previous engagements on the project in January 2025 and July 2025.
Prof. Nnaemeka Chukwuone, Director of REPRC-EfD, Nigeria, representing the vice-chancellor, expressed gratitude to development partners and stakeholders for supporting the research and contributing expertise. He noted significant progress since the study began over a year ago, culminating in the current validation stage of the research.
Chukwuone highlighted that Nigeria lacked a carbon market framework at the early stages but now has one in place, following sustained engagement with stakeholders and support from relevant authorities. Efforts are ongoing to strengthen implementation through capacity building, project registration, and the development of monitoring systems, with over 120 carbon projects already registered as of December 2025.
He emphasized that participation in the carbon market could reduce emissions, generate revenue, empower communities, and support poverty reduction, with similar initiatives gaining traction in countries such as Ghana and Kenya. Chukwuone noted that investor confidence and interest in carbon market opportunities are now high across the country, commending the National Council on Climate Change for facilitating the framework and expressing gratitude to other stakeholders for their support.