Nigerian Minister of Environment, Balarabe Lawal, has stated that unlocking the carbon market is pivotal to the country’s environmental sustainability. During a 2 day workshop on ‘Nigeria’s Carbon Market Framework: Article 6 Training and Implementation Design’, he stated that “Nigeria’s carbon market is an emerging market that is yet to actualise its full potential; the country’s carbon market will serve as an attraction for climate finance and as a means to curb greenhouse gas emissions.” He believes that the country has the capacity to create millions of tonnes worth of carbon credits annually by 2030 through projects such as reforestation, renewable energy, energy waste, and improved cook stoves. Nigeria has long been a proponent of the carbon market but has a weak record of project development. His statement comes amidst growing international scrutiny on the role of carbon markets within the global mitigation effort, questions about the integrity of forestry and cookstove projects, and debates about the role of foreign project developers in Africa.
