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ARTICLE · 15 NOVEMBER 2022

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Carbon Credits In Nigeria: Road To Implementation

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On November 8, 2022, the new Africa Carbon Markets Initiative (ACMI) was inaugurated at the United Nations Climate Change global conference held in Sharm, Egypt, with an objective to scale...

NigeriaEnvironment
Seun Timi-Koleolu
Seun Timi-Koleolu
Adedolapo Arisoyin
Adedolapo Arisoyin

Introduction

On November 8, 2022, the new Africa Carbon Markets Initiative (ACMI) was inaugurated at the United Nations Climate Change global conference held in Sharm, Egypt, with an objective to scale the production of carbon credit across the continent.

Nigeria and other African countries shared their commitment to collaborating with the ACMI to achieve this objective, and we expect that steps will be taken in Nigeria to implement this objective.

In furtherance of this commitment, it is expected that the Nigerian government will put in place a framework for the implementation of a carbon credit system in Nigeria.

We have set out in this article, a general overview of how carbon credits work in other jurisdictions, as we expect that a similar system will be adopted by our government in developing the framework.

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