Nigeria is making concerted efforts to grow its carbon market. This policy update highlights some of the recent policy developments in Nigeria’s carbon market.
Carbon Market Activation Plan
In February 2024, Nigeria inaugurated a special inter-governmental committee to develop Nigeria’s Carbon Market Activation Plan. The policy objective of the plan is to, with the support of the Africa Carbon Market Initiative (ACMI), create a blueprint for the acceleration green growth, just energy transition and standardisation of the carbon market ecosystem in Nigeria, which has an estimated value of $2.5 billion.
Carbon Mapping in Nigeria
Nigeria is also collaborating with the Indian Government on geospatial mapping, technical expertise exchange, remote sensing, carbon mapping, and auto imagery. Amongst others, the proposed collaboration will leverage India’s capabilities in hydrography, remote sensing and space capabilities due to the satellite coverage of the country for geographical mapping.
Balogun Harold will continue to monitor policy and regulatory developments in this area. For additional enquiries, please reach out to your usual Balogun Harold contact or via support@balogunharold.com
