The workshop brought together academics, policymakers, environmentalists, and industry stakeholders to discuss how Nigeria and Africa at large can leverage the VCM to address pressing environmental challenges while fostering economic growth. Professor Chigbue stressed the importance of strategic planning and investment in carbon offset projects to tap into this burgeoning market. He pointed out that Africa’s vast natural resources, including forests and wetlands, offer immense potential for carbon sequestration, making the continent uniquely poised to benefit from the VCM. He further called for capacity building, robust policy frameworks, and community engagement to ensure equitable and sustainable participation in the market.
The discussions at the workshop underscored the need for Nigeria to adopt proactive measures to harness the VCM’s opportunities. Participants highlighted the role of universities, research institutions, and private-sector partnerships in driving innovation and developing scalable carbon offset projects. With a clear focus on aligning with global climate goals, the workshop emphasized that integrating VCM initiatives into national development strategies could provide a dual advantage—reducing greenhouse gas emissions while generating significant economic returns.
“While the voluntary carbon markets (VCM) encompass all transactions of carbon offsets not purchased under a regulated carbon market, compliance carbon markets are marketplaces through which regulated entities obtain offsets under regulatory regimes,” he explained, as cited by Nigerian daily The Sun.
Chigbue emphasized that VCM has been active for over two decades, primarily driven by private-sector initiatives, and is now recognized as a key mechanism for achieving emission reduction targets under Article 6 of the Paris Agreement.
Professor Nnaemeka Chukwuone, Director of the Resource and Environmental Policy Research Centre at UNN, outlined the benefits of VCM for Nigeria.
The first gain is to reduce emissions and help Nigeria achieve its targets in the Nationally Determined Contribution (NDC), in line with the Paris Agreement’s goals.
Chukwuone also highlighted economic opportunities, stating that the carbon market could generate over $2 billion in revenue for Nigeria by 2030 while creating jobs in sectors like forestry, agriculture, and energy.
“If you have offsets in the forestry sector, you will have a lot of money coming from carbon markets and people working in that sector,” he explained.
By leveraging the VCM, Nigeria has the potential to advance its climate goals, generate significant revenue, and create sustainable employment opportunities.
