There are indications that state governments are beginning to take proactive measures towards enrolling in the global effort to fight deforestation in the country. That will also be some cheerful news to farmers who will not face limitations as to where to market their products in the international market. This effort appears to be a response to the threat that any farm produce that is gotten from an area where the forest is degraded would not be allowed to enter the European markets beginning from January 2025.
One state stands out here. It is the Rivers State Government. Reports have it that officials of the state government signed a Memorandum of Understanding (MoU) with Senendib Capital Limited for the protection and preservation of mangrove forest ecosystems within the State and the establishment of a Blue Carbon Credits Partnership.
The MoU signing exercise, which was supervised by the Rivers State Attorney General and Commissioner for Justice, Dagogo Israel Iboroma, SAN, was signed by the Rivers State Commissioner for Energy and Natural Resources, Engr. Uchechukwu Nwafor, and the Director of Petroleum, Rivers State Ministry of Energy and Natural Resources, Dr. Temple Amachree, on behalf of the Rivers State Government at the office of the Attorney-General in Port Harcourt.
The Managing Partner and Chief Executive Officer, Serendib Capital Limited, Rafat Rizvi, and the Chief Operating Officer, Serendib Capital Limited, Christian Elemele, signed on behalf of Serendib Capital Limited.
Speaking after the ceremony, the Rivers State Commissioner for Energy and Natural Resources, Engr. Uchechukwu Nwafor, who noted the high level of degradation of the mangrove forests in the State and the Niger Delta, as a result of illegal oil bunkering activities, said the project will integrate mangrove restoration, seagrass conservation and sustainable agriculture.
He also observed that the project will aid in tree planting and biochar production with a view to bringing about a transformative shift in environmental and socio-economic gains in the State.
He said, “The project will benefit the State in no small measure, and in particular, increase our Internally Generated Revenue (IGR).
“The Rivers State Government will, therefore, provide the needed logistics in line with the terms of the MoU as well as security to ensure the success of the project”, he asserted.
In his remarks, the Managing Partner and Chief Executive Officer, Serendib Capital Limited, Rafat Rizvi, said the project would be part of a larger mangrove marine ecosystems restoration programme known as Delta AZURE, which will be the world’s largest blue carbon credit project. Rizvi noted that the mangrove restoration project will prevent the deforestation of 170,000 hectares of forest through afforestation, reforestation, revegetation and replantation.
He noted, “The carbon credits generated from the project would be used to bring tangible benefits to the State we operate in and would be used as an economic vehicle to support the communities involved.
“The conservation project would generate carbon credits that would be used as an alternative income source for those local people who may otherwise make an income from illegal logging and deforestation.”
There are more benefits to be derived from the exercise, as stated by Rizvi. He said that the project will create a significant number of jobs within the local communities and help the State in terms of diversifying its revenue streams not just in the short term, but for a very much a longer term.
He expressed the company’s commitment to work in synergy with the local communities while also seeking their cooperation. He was also full of commendation for the State Government for the trust, and pledged that the company would not betray the confidence.
