Developing Nigeria’s Net Zero Economy: Carbon Markets, ITMO Framework and Article 6 Mechanism

Nigeria’s energy transition creates significant investment opportunities such as the establishment and expansion of industries related to solar energy, hydrogen, and electric vehicles. The objective of the Capstone project is to advise the NSIA on how to develop the Nigeria Voluntary Carbon Market (VCM), which has huge potential to provide the needed financing (international and local) for Nigeria to achieve its Energy Transition Plan and net zero targets. However, the VCM in Nigeria is still in its infancy stage and would require research on its development, including but not limited to Nigeria’s VCM, stakeholder mapping and involvement, corresponding adjustment, Internationally Transferred Mitigated Outcomes (ITMOs) and Article 6 mechanism of the Paris Agreement.