By Obiabin Onukwugha
The Rivers State Government has signed a 30-year Memorandum of Understanding (MoU) with Serendib Capital, Eight Versa, and PIND (Foundation for Partnership Initiatives in the Niger Delta), to launch a large-scale mangrove restoration and conservation project in the state.
The mangrove restoration project would prevent the deforestation of 170,000 hectares of forest through Afforestation, Reforestation and Revegetation and replantation.
The project, which covers 240,000 hectares of seagrass, aims to become the world’s largest blue carbon project, integrating mangrove restoration, seagrass conservation next to 170,000 hectares of mangrove, sustainable agriculture, tree planting, biochar production, and others.
The project would be part of a larger mangrove marine ecosystem restoration program known as Delta AZURE and targets to be the world’s largest blue carbon project.
Speaking shortly after the signing of the MoU, in Port Harcourt, on Monday, the Rivers State Commissioner for Energy and Natural Resources, Maximus Nwafor, noted that the project will benefit the state and increase its revenue.
“We have signed an MoU with Serendib Capital, which will benefit our state and increase our revenue. We have requested that they provide us with all necessary requirements, including security and other aspects. Once we receive this information, we will ensure the project’s success,” he said.
On his part, the Chief Executive Officer, Serendib Capital, Rafat Rizvi, explained that the collaborative effort seeks to drive transformative environmental and socio-economic gains in Rivers State, aside serving as a model for future mangrove restoration projects globally.
Rizvi said the project’s launch marks a significant step towards preserving Nigeria’s vital mangrove ecosystems and promoting sustainable development in the oil region.
He emphasised the importance of the project, noting that it aims to prevent the deforestation of 170,000 hectares of forest through afforestation, reforestation, and revegetation.
He further stated that the effort is part of the larger Delta AZURE program, poised to become the world’s largest blue carbon project.
“Nigeria’s mangrove forests, spanning 10,500 km, are the largest in Africa and third-largest globally. These vital ecosystems provide biodiversity support, flood prevention, coastal erosion protection, and carbon sequestration.
“They face severe degradation, with the Niger Delta region losing approximately 40% of its mangrove forest between 1996 and 2016.
“The credits will also bring tangible benefits to the state and contribute to the global fight against climate change. The initiative underscores the importance of preserving Nigeria’s mangrove forests, which are crucial for coastline defense, pollution filtration, and carbon sequestration.
“By safeguarding these ecosystems, the project ensures the long-term health of the planet and the well-being of local communities,” he stated.