By Abbas Nazil
Nigeria’s carbon market is making progress following the Federal Government’s first approvals for international carbon credit sales, according to Nigerian project developer 9JA Carbon Trade, which has urged stakeholders across Africa to move beyond policy development and focus on delivering credible projects and securing investment.
The company made the assessment after participating in the Carbon Markets Africa Summit 2026 in Kigali, Rwanda, where governments, investors, project developers and international organisations discussed ways to strengthen Africa’s position in the global carbon market.
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 issued six Letters of Authorisation in March 2026 and two additional approvals by September.
The authorisations represent formal government approval for carbon credits generated in Nigeria to be traded and used internationally, providing a pathway for eligible projects to access overseas carbon markets.
Timothy Solomon, Co-Technical Manager of 9JA Carbon Trade, said the approvals indicated that Nigeria had established a framework for advancing carbon credit projects, although developers still needed to demonstrate integrity, secure fair prices and deliver measurable benefits to host communities.
He said Africa’s challenge was increasingly shifting from proving that it could supply carbon credits to demonstrating that projects could deliver reliable results and generate tangible benefits for local communities.
Solomon added that the responsibility of developers was to bring forward projects that met the necessary standards for approval.
His colleague, Ekene Okpara, also welcomed the authorisations, saying they gave developers greater confidence in the country’s carbon market process.
Okpara, however, sought clarification on whether Nigeria intended to establish a bilateral carbon agreement with another country and asked for guidance for developers still awaiting approval from the National Council on Climate Change.
The summit, which closed on October 15, attracted about 600 delegates from 52 countries and more than 150 organisations.
Participants called for African governments to complete and implement carbon market regulations while encouraging investors and buyers to move towards concrete agreements and long-term purchases of carbon credits.
The summit’s closing statement emphasised that market integrity, transparency and trust were essential to attracting investment, adding that host communities must be treated as partners whose benefits should be clearly defined and fairly shared.
Governments were urged to publish information about carbon credit authorisations and transfers, while buyers and investors were encouraged to sign long-term purchase agreements at fair prices.
Development partners were also asked to provide more funding for project preparation, a stage identified as a major obstacle to bringing viable carbon projects to market.
Rwanda’s Minister of Environment, Dr Bernadette Arakwiye, said developing regulations was only part of the process, stressing the need to implement them effectively.
She highlighted the concentration of Rwanda’s carbon credit supply in improved cookstove projects, which account for 87 per cent of the country’s issued credits, while agriculture has contributed barely one per cent of voluntary carbon market credits over two decades.
The International Air Transport Association informed delegates that the United Nations’ Carbon Offsetting and Reduction Scheme for International Aviation, known as CORSIA, would become mandatory in 2027 and require government-authorised credits.
The European Commission also disclosed plans to purchase credits covering up to 260 million tonnes of carbon dioxide equivalent between 2036 and 2040, signalling potential future demand for eligible carbon credits.
Meanwhile, the Integrity Council for the Voluntary Carbon Market reported that credits carrying its Core Carbon Principles label sell for about 25 per cent more on average.
Ratings agency BeZero Carbon said reforestation credits could range from $5 to more than $40, depending on their ratings.
The African Union Development Agency, AUDA-NEPAD, said Africa still depends on foreign verifiers for more than 90 per cent of carbon project verification, contributing to delays that can affect up to half of projects.
The agency said its accelerator programme would support the development of African validation and verification bodies to reduce reliance on external expertise.
The summit also saw the launch of the Africa Carbon Investment and Finance Alliance to connect carbon projects with financing, while the United Nations Development Programme outlined five support windows for project developers.
Participants called on African countries to approach the forthcoming COP31 climate conference in November with a united position and evidence that carbon market projects were being implemented successfully.
