The signing of the Nigeria’s National Carbon Market Framework (NCMF) 2024 is a welcome development operationalising the 2021 Climate Change Act. It situates Nigeria within the framework of Article 6 of the Paris Agreement and the Voluntary Carbon Market (VCM), outlining plans for institutional architecture, fiscal incentives, ownership rules, and benefit-sharing mechanisms. This reflects a deliberate shift from abstract policy aspirations to market-oriented climate governance
intended to monetise emissions reductions while advancing sustainable development goals.
The NCMF also articulates a forward-looking vision: to generate up to 124.7 MtCO2e of reductions and attract $2.5 billion in market value by 2030. In doing so, Nigeria signals to investors and international partners that it seeks to move beyond donor-dependent climate finance and toward self-sustaining green capital markets. However, these ambitions, however, are largely conceptual and policy-driven, not yet anchored in legally enforceable structures.
