Jelili Gbadamosi
Stakeholders from Nigeria’s financial sector, government agencies and the climate finance ecosystem have called for urgent regulatory reforms to unlock domestic financing for carbon markets, saying the move could accelerate investments in clean cooking, renewable energy and nature-based projects across the country.
The call was made during a validation workshop organised under the Policy and Regulatory Innovations for Scaling Markets (PRISM) Nigeria initiative, themed, “Unlocking Domestic Finance for Carbon Markets.”
Participants at the workshop stressed the need for policies that would integrate carbon markets into Nigeria’s financial system and attract local investments into climate-related projects.
According to the stakeholders, a robust regulatory framework would enable carbon-linked revenues to be recognised as credible and investable assets, thereby creating new financing opportunities for green projects and supporting the country’s transition to a low-carbon economy.
The PRISM Nigeria initiative aims to strengthen Nigeria’s carbon market ecosystem by developing policies and financial mechanisms capable of mobilising domestic capital for climate action.
The programme is being implemented by the Clean Cooking Alliance in partnership with the Nigeria Off-Grid Market Acceleration Programme and the Global Off-Grid Solar Association.
The initiative is also being carried out in collaboration with the Office of the Senior Special Assistant to the President on Climate Finance and Stakeholder Engagement and the Nigerian Alliance for Clean Cookstoves.
Stakeholders expressed optimism that implementing the proposed reforms would unlock significant domestic financing for carbon markets, boost investments in sustainable energy solutions and support Nigeria’s climate and development goals.
