The Federal Government is optimistic about the Nigeria Carbon Market Activation Policy (NCMAP), predicting it will unlock a carbon market potential worth between 736 million dollars and 2.5 billion dollars by 2023.
Amb. Nura Rimi, Permanent Secretary of the Ministry of Industry, Trade and Investment, made this announcement on Thursday at the Corporate Climate Action event on Carbon Markets during the 79th UNGA in New York.
According to Rimi, NCMAP aims to generate 600,000 to 2.3 million green jobs for youths, unlock a carbon market potential of 736 million dollars to 2.5 billion dollars by 2030, foster sustainable development across Nigeria and the African continent.
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Rimi emphasised that NCMAP was a transformative initiative that would establish a robust carbon market, provide a structured environment for local and foreign investments, and stimulate sustainable economic growth.
“The policy is supported by the federal government’s commitment to climate resilience and socio-economic development.
“The NCMAP is a bold declaration of our unwavering commitment to a resilient and sustainable future for Nigeria and the African continent. This policy is not just a framework; it is a clarion call for collective action and investment in our future.
“Our efforts in establishing the NCMAP reflect our ambition to create a replicable model for carbon market development across Africa,” he said.
According to Rimi, the country, under the leadership of President Bola Tinubu, aims to position itself as a leader in addressing climate-related challenges.
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He said the NCMAP was, therefore, set to create a transparent system for trading carbon credits, providing a structured environment for local and foreign investments.
“This initiative not only aims to enhance Nigeria’s Nationally Determined Contributions (NDCs) but also seeks to stimulate sustainable economic growth through clear incentives for emission reductions.
“The efficiency of the NCMAP’s institutional structure is designed to expedite project approvals and facilitate engagement with international carbon market transactions.
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“This streamlined approach is expected to attract global investors looking to capitalise on Nigeria’s carbon market potential, ” he said.
Rimi said the Federal Ministry of Industry, Trade and Investment would ensure NCMAP includes incentives to boost industrial growth and trade, creating an enabling environment for private sector engagement and enhancing investor confidence in sustainable business practices.
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