The Director General/Chief Executive Officer of National Council on Climate Change, Mrs. Omotenioye Majekodunmi has stated explicitly that Nigeria’s carbon projects must deliver genuine mitigation outcomes as we’ve already taken important steps to establish the architecture.

Majekodunmi spoke at the Stakeholders’ Review/Validation Workshop on the draft Host Country Approval Criteria for Nigeria’s Carbon Market Operations, organized by National Council on Climate Change in Abuja.

She also explained that the task before the participants is to establish Host Country Approval Criteria that would protect the national interests, while providing the certainty that that credible investors and project developers need.

According to Majekodunmi, the heart of this process is a simple principle: Nigeria must participate in carbon markets on terms that are credible, transparent, equitable and beneficial to Nigerian people, especially in the area of strong national oversight.

“If we get this right, carbon markets can help finance clean energy, sustainable agriculture, nature -based solutions, improved waste management and methane reduction, while creating green jobs, and supporting Nigeria’s wider economic transformation,” she added.

Also,the Vice Chancellor, University of  Nigeria, Nsukka,  Prof.Simon Uchenna Ortuanya expressed optimism that the country has taken a concrete step to institutionalize the governance of the carbon market by approving its framework,building partnerships between government and research institutions in developing evidence-based policies.

Prof. Ortuanya also explained that the approval represents an important step towards establishing a structured system for carbon market operations, adding, the next critical task is to ensure that the framework is supported by clear, practical and transparent Host Country Approval criteria.

Similarly ,the VC maintained that these criteria will provide guidance on the eligibility, screening and assessment of carbon market projects as a well-governed carbon market can help mobilise the resources required to support these objectives.

He declared: Our investment in research institutions, policy development and stakeholder engagement is an investment in Nigeria’s capacity to respond effectively to climate change while pursuing sustainable economic development.

“The global carbon market presents important opportunities for countries seeking to mobilise climate finance, support greenhouse gas emission reductions and removals, and accelerate the transition to a low-carbon economy,” Ortuanya added.

He emphasized, for Nigeria, these opportunities are particularly significant, and it has become imperative for our country to pursue economic growth, industrial development, and energy access and poverty reduction while responding to the challenges of climate change.

Ortuanya further noted that they
will clarify institutional responsibilities,approval procedures, measurement, reporting and verification requirements, environmental and social safeguards, alignment with Nigeria’s Nationally Determined Contribution.

“At the University of Nigeria, we recognise that effective public policy should be informed by credible research, sound evidence and meaningful engagement with the people and institutions responsible for implementation.”

He therefore commended the National Council on Climate Change and the Resource and Environmental Policy Research, Environment for Development (REPRC-EfD Nigeria), for bringing together stakeholders to strengthening the implementation of Nigeria’s carbon market framework.