The Permanent Secretary, Federal Ministry of Industry, Trade and Investment (FMITI) Nura Abba Rimi, in a bold declaration of a resilient and sustainable future for Nigeria and the African continent, has announced the launch of Nigeria Carbon Market Activation Policy (NCMAP).
“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” Rimi said at the ongoing UN General Assembly.
Speaking on Nigeria’s stride in Climate Mitigation and adaptation policies, Rimi said the development was a beacon of hope and innovation in addressing climate-related challenges.
“This initiative marks a historic milestone as it stands as a testament to our proactive approach, promising clarity and structure in our carbon market operations,” he said.
“We commend the collaboration and extensive efforts of the Intergovernmental Committee, the National Council on Climate Change (NCCC), and the Africa Carbon Market Initiative (ACMI), along with other key stakeholders, whose dedication and expertise have been instrumental in shaping a robust and effective NCMAP.”
“NCMAP is designed to drive the development of Nigeria’s carbon market ecosystem by establishing a transparent system for trading carbon credits” Rimi noted adding that “This framework is a pivotal step towards harnessing Nigeria’s vast carbon potential while addressing pressing environmental concerns by creating incentives for emission reductions.
According to him, FMITI is committed to ensuring that the NCMAP incorporates a range of industrial and trade-related incentives to stimulate investment, foster innovation, and drive sustainable business practices.
He said, “Our Ministry will focus on facilitating industrial growth, enhancing trade policies, and improving market access, thus creating an enabling environment for private sector engagement.
“By streamlining regulations and supporting capacity-building initiatives, we aim to enhance investor confidence, encourage sustainable industrial activities, and promote strategic partnerships.”
He noted that the institutional structure for NCMAP was crafted for maximum efficiency, significantly reducing the timeline required to approve projects and streamlining processes for ease of engagement with initiatives such as Article 6 transactions.
This will enable the sector to respond swiftly to investment opportunities and further establish Nigeria as an attractive destination for global investors.
“We anticipate that the implementation of NCMAP will lead to a remarkable transformation, positioning Nigeria as a key player in the global carbon market.
“By 2030, we aim to unlock a carbon market potential of between $736m and $2.5 bn, while generating between 600,000 to 2.3 million green jobs and creating sustainable livelihoods across the nation.
“This ambitious vision is an actionable plan supported by our federal government’s steadfast commitment to climate resilience and socio-economic development” Rimi revealed