Nigeria's Carbon Market Framework to Launch by 2025

President Bola Tinubu is set to unveil Nigeria's carbon market framework, known as the Nigeria Carbon Market Action Plan (NCMAP), by March 2025. The government estimates that this initiative could generate between $2.5 billion and $3 billion annually by 2030, alongside the creation of 600,000 to 2.3 million green jobs.

The National Climate Change Council (NCCC), chaired by the Vice President, oversees the implementation of this plan, which aims to monetize Nigeria's vast forest resources and clean energy projects. However, significant challenges remain, including a lack of transparency in project approvals and stakeholder engagement, which could deter investment.

The NCCC has been tasked with addressing these barriers and ensuring that the carbon market operates effectively. The framework is expected to be a key component of Nigeria's climate change strategy, with the potential to transform the livelihoods of rural communities dependent on forest resources.