The federal government has launched the carbon market association of Nigeria (CMAN) to accelerate efforts to build a transparent and credible carbon trading system.
Carbon markets are systems that allow countries, companies, or organisations to buy and sell carbon credits as a way to reduce greenhouse gas emissions.
On October 31, President Bola Tinubu approved a national framework to guide the growth of a high-integrity carbon market capable of attracting global finance and positioning Nigeria as a regional hub for carbon credit generation.
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Speaking at the CMAN launch on Monday at the ongoing COP30 in Belém, Brazil, Balarabe Lawal, minister of environment, said the association will coordinate actors across the carbon market value chain and support implementation of the Nigeria Carbon market framework.
“The establishment of the Carbon Market Association of Nigeria is a major milestone in our climate and economic transformation agenda,” the minister said.
“As we accelerate implementation of the Carbon Market Framework, this association will play a critical role in providing support, sharing knowledge and evolving best practice to ensure Nigeria becomes a hub for high-integrity carbon credits.”
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Lawal said the association will help strengthen project development in forestry, renewable energy, clean cooking and blue carbon, while amplifying Nigeria’s voice in global carbon market governance.
He urged private sector players, civil society groups and project developers to join CMAN and work collaboratively to unlock the country’s “enormous carbon market potential” and advance national climate targets.
Horsfall Tony, interim president of CMAN, said the association aims to serve as a credible umbrella body for all carbon market stakeholders.
Tony said CMAN’s mission is to unite and empower market actors to shape collective policies, mobilise climate finance and support high-quality carbon projects that promote sustainable development.
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He added that the association will prioritise advocacy, coordination and strategic partnerships to ensure Nigeria becomes a recognised producer of high-integrity credits aligned with global standards, while strengthening the country’s role in global conversations on carbon market reforms and African-led climate solutions.
This report was produced with support from Sahara Group and the Kaduna state government.
