Carbon Credit Development: Is Nigeria Ready for International Trading?

A carbon credit is a certificate or permit which represents the right to emit one ton of carbon dioxide (CO2) and they can be traded for money.

Carbon credits and carbon markets remain one of several national and international actions to make less harmful the growth in concentrations of greenhouse gases (GHGs). One carbon credit is equal to one ton of carbon dioxide.

Carbon credits grant nations and companies the right to emit gases that contribute to global warming. Carbon credit development strategy is being adopted by national governments as a means of tackling the greenhouse gas emissions and introducing clean development mechanisms for sustainable technological investment, thus, bears on the modus operandi of the high-tech corporate organizations within the climate change regulatory framework. The carbon pricing involves local, national and global stakeholders. For Nigeria, there is growing concerns on whether the country is sincerely committed to carbon credit development, enough to attract international investors. A lot of factors ranging from shallow legislations and lack of political will to corruption are few, but not all the pit-falls that militates against Nigeria’s readiness for international carbon credit trading.