By Cynthia Alo
Nigeria risks losing hundreds of millions of dollars in potential carbon credit earnings to foreign consultants and technical experts unless it urgently develops the skilled workforce needed to participate in the rapidly expanding global carbon market, a climate finance expert has warned.
The warning comes at a time when carbon credits are emerging as one of the fastest-growing segments of global climate finance, with analysts projecting the global voluntary carbon market to grow from about $5.3 billion in 2025 to nearly $24 billion by 2030.
Carbon credits are generated when projects reduce, avoid or remove greenhouse gas emissions from the atmosphere. Each verified credit represents one metric tonne of carbon dioxide equivalent avoided or removed and can be sold to governments and companies seeking to offset their emissions.
Nigeria possesses vast forests, wetlands, mangroves, agricultural land and degraded ecosystems that could be restored to generate significant volumes of carbon credits. However, experts say the country lacks sufficient local professionals capable of designing, measuring, verifying and monetising carbon projects.
