By Adaobi Rhema Oguejiofor
Vice President Yemi Osinbajo, has directed the Nigeria Sovereign Investment Authority (NSIA) to develop the country’s first carbon market activation plan and push engagement on the plan.
He gave this direction on Tuesday at the official signing ceremony of the Carbon Vista (CV) Agreement, an initiative that aims to support Nigeria in meeting its net-zero targets by investing in carbon avoidance and removal projects.
Osinbanjo argued that Africa could become the first truly green civilization as a result of its status as the lowest carbon emitter and also its relatively young population that could effectively deploy green manufacturing on a large scale.
According to the Vice President, a joint venture investment company established by NSIA and Vitol, a multinational energy and commodities company, is expected to push the project and both parties are committing an initial sum of $50m for projects such as climate-smart agriculture, green industrial technologies, and waste management among others cutting across several sectors, including the agricultural, energy, and manufacturing sectors.
He also said that the importance of an enabling environment is crucial for Nigeria to play a global role in voluntary carbon markets.
In his own words, “I would like NSIA to take the lead in developing the first Nigeria Carbon Market Activation plan and look forward to engagement on the plan.”
