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Carbon credit: Nig to generate over N34b

By Laide Akinboade
ABUJA – Experts said Nigeria can make over N34 billion on sale of carbon credit  the nation is able to implement Clean Development Mechanism (CDM) and Reducing Emission from Deforestation and Degradation (REDD), projects.

The Coordinator of UNISPACE and Global Oxygen Development (GOD), Mrs. Oluremi Adikwu-Bakare stated this while fielding questions with journalists, said the NGO has identified at least one CDM/voluntary carbon market in each of the 774 local government area council in the country.

The CDM and REDD  is a partnership between developed and developing nations to reduce green house gasses (GHG), emission through forestry activities. Afforestation and reforestation, principally, carbon trading will assist in of forest ecology and forest protection in Nigeria.

The actors of the forestry CDM is called developer of afforestation and reforestation projects.

According to her, “UNISPACe/GOD commends Nigeria for putting inq place a national REDD readiness plan with the first REDD project at advanced stage in Calabar.

Consequently we have identified at least one CDM/voluntary carbon market (VCM) bankable REDD/forestry project in each of the 774 local area councils.”

Bakare continued,”in our projection at 20% scenario of deforestation avoidance projected rate at $15 per ton of carbon dioxide, Nigeria’s carbon credit sequestration capacity through the project’s implementation of these projects, it is estimated to generate equivalent of $229,605,000 USD per year, which translates to about N34.44 billion per year.

She noted that UNISPACE/GOD has already enter into an agreement with Federal Ministry of Environment 2010.
Those at the meeting included Dr. Victor Fodeke from Ministry of Environment and Mr. Joseph Collardeau.

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