Stakeholders in the carbon market have applauded Nigeria’s progress in developing its carbon credit system following the Federal Government’s first approvals for international carbon credit sales, describing the development as a significant step towards unlocking climate finance and attracting investment.
Nigerian carbon project developer, 9JA Carbon Trade, gave the commendation after participating in the Carbon Markets Africa Summit (CMAS) 2026 in Kigali, Rwanda, which was attended by about 600 delegates from 52 countries, representing more than 150 organisations, including over 50 investors and buyers.
The company’s Co-Technical Manager, Mr. Timothy Solomon, said Nigeria’s progress demonstrated that the country’s carbon market framework was beginning to deliver results, while emphasising the need for projects that guarantee environmental integrity and tangible benefits for host communities.
“Kigali changed the question Africa is asked. It is no longer whether the continent can supply carbon credits, but whether it can deliver them with integrity, at fair prices and with benefits host communities can see. Nigeria now has the framework and its first approvals. Our part is to bring forward projects worth approving,” he noted.
At a session on country readiness on October 14, Ibrahim Shelleng, Senior Special Assistant to the President on Climate Finance and Stakeholder Engagement, disclosed that Nigeria had issued six letters of authorisation in March 2026 and two additional letters by September.
A letter of authorisation constitutes formal government approval for carbon credits to be used internationally. Under the arrangement, Nigeria agrees not to count the authorised carbon reductions towards its own climate targets, allowing the credits to be used by other countries or entities under applicable international frameworks.
Contributing to the discussion, 9JA Carbon Trade’s Co-Technical Manager, Mr. Ekene Okpara, who affirmed that Nigeria’s progress in issuing authorisations had strengthened developers’ confidence in the regulatory process, maintained that “Nigeria’s progress on authorisations gives us confidence as developers that the process works,” while seeking clarification on plans for a bilateral carbon agreement with another country and guidance for developers awaiting approval from the National Council on Climate Change (NCCC).
On October 15, the company also participated in a roundtable at the summit’s solution lab, which examined ways to reduce risks for private investors, including political uncertainty, insurance, financing constraints, and access to carbon credit buyers.
While urging African countries to move beyond establishing regulatory frameworks to delivering credible carbon projects, Rwanda’s Minister of Environment, Dr. Bernadette Arakwiye, outlined six areas of agreement, emphasising that environmental integrity creates value, trust underpins the market, and local communities must receive demonstrable benefits from carbon projects.
Participating countries were also urged to retain more of the economic value generated by their carbon markets rather than merely supplying credits to international buyers.
While addressing the summit on October 14, Dr. Arakwiye, who stressed that implementing carbon market regulations was as important as developing them, argued that “writing rules is one thing, and running them is another,” noting that improved cookstoves accounted for approximately 87 per cent of Rwanda’s issued carbon credits, while agriculture had contributed barely one per cent of voluntary market credits over two decades.
The summit also highlighted growing demand for high-quality credits, with the International Air Transport Association noting that the Carbon Offsetting and Reduction Scheme for International Aviation would become mandatory for airlines in 2027, while the European Commission proposed purchasing credits covering up to 260 million tonnes of carbon dioxide equivalent between 2036 and 2040.
Stakeholders further called for stronger African verification capacity, improved access to project financing, and long-term purchase agreements at fair prices, urging the continent to approach COP31 with a unified position and evidence of tangible delivery.
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