The Nigerian government has launched an ambitious Nigeria Carbon Market Activation Policy (NCMAP), with projections to unlock a carbon market potential valued between $736 million and $2.5 billion by 2030.
Ambassador Nura Rimi, Permanent Secretary of the Ministry of Industry, Trade, and Investment, made this announcement at the Corporate Climate Action event on Carbon Markets during the 79th United Nations General Assembly (UNGA) in New York.
Rimi highlighted that the NCMAP aims to create between 600,000 and 2.3 million green jobs for young Nigerians while driving sustainable development across the nation and the African continent.
Describing the NCMAP as a transformative framework, Rimi stated, “This policy represents our commitment to a sustainable future for Nigeria and Africa. It’s a call to action for collective investment in our shared future, creating a replicable model for carbon market development across the continent.”
Under the leadership of President Bola Tinubu, the NCMAP seeks to establish a transparent system for trading carbon credits, attracting both local and international investments, and enhancing Nigeria’s Nationally Determined Contributions (NDCs).
Furthermore, the Federal Ministry of Industry, Trade, and Investment has committed to ensuring that NCMAP will provide incentives for industrial growth and trade, ultimately fostering an environment that encourages private sector engagement and investor confidence in sustainable business practices.
