Nigeria Advances Carbon Market with New MRV System

Nigeria is committed to developing a credible and transparent carbon market to attract climate finance and support sustainable economic development. This commitment was articulated during a High-Level Roundtable on Operationalising Nigeria’s Carbon Markets through Robust Measurement, Reporting and Verification (MRV), held in Abuja.

Michael Ivenso, the Director of Energy, Transportation and Infrastructure at the National Council on Climate Change (NCCC), emphasized that under President Bola Ahmed Tinubu’s administration, climate action is viewed as an economic opportunity. He stated that carbon markets could mobilize private capital but must be credible, relying on reliable data and effective verification.

Ivenso highlighted the National Carbon Markets Framework as crucial for establishing a structured regulatory system and mentioned the development of an integrated national carbon registry to track carbon credits. Yolanda San Jose from the EU Delegation to Nigeria noted the importance of credible systems for carbon markets and commended Nigeria for adopting its National Carbon Markets Framework, which aligns climate targets with development priorities.