African leaders eye carbon market potential

Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading

The expansion of carbon markets across Africa might still be in the early phase, but industry advocates hope the launch of Nigeria’s domestic market could be the spark for wider adoption. In March, Nigerian Vice-President Kashim Shettima announced a committee tasked with creating a $2.5b blueprint for the new market. The clock is ticking to wean Africa’s most populous nation and largest economy off fossil fuels. Back in 2021, then-President Muhammadu Buhari made a pledge to reach net zero by 2060. This ambition was then further strengthened at COP28, in December, when the country’s current president, Bola Tinubu, laid out plans for a domestic carbon market. “The federal government has tasked