Nigeria losing millions in carbon credit earnings to foreign experts over talent gap, Expert warns

Nigeria stands to lose hundreds of millions of dollars in potential carbon credit earnings if it fails to urgently develop a skilled workforce for the burgeoning global carbon market, a climate finance expert has warned. This caution comes as the voluntary carbon market is experiencing rapid growth, with projections indicating a rise from approximately $5.3 billion in 2025 to nearly $24 billion by 2030.

Carbon credits are generated by projects that reduce, avoid, or remove greenhouse gas emissions. Each verified credit represents one metric tonne of carbon dioxide equivalent and can be sold to entities seeking to offset their emissions. Nigeria possesses abundant natural resources like forests, wetlands, and agricultural land that could be leveraged to generate substantial volumes of carbon credits through restoration efforts.

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Nigeria is standing at the threshold of a new economic frontier; one that promises to unlock billions in climate finance, reshape key sectors of the economy, and create an entirely new category of jobs. From carbon markets to renewable energy and climate-smart agriculture, the signals are clear: the green economy is no longer a future ambition; it is an unfolding reality.

However, a critical gap exists in the country's capacity to design, measure, verify, and monetize these carbon projects. Olusola Omole, a climate finance expert, identified this shortage of skilled professionals as Nigeria's greatest climate challenge, surpassing issues of funding or policy. He noted that Nigeria's emerging carbon market could potentially generate 30 million credits annually by 2030, translating into hundreds of millions of dollars in revenue and creating millions of jobs.

Estimates from the Africa Carbon Market Initiative suggest that 30 million credits could be worth over $500 million annually and support more than three million jobs. Omole highlighted that Nigeria is on the cusp of a new economic frontier driven by the green economy, encompassing carbon markets, renewable energy, and climate-smart agriculture. Despite regulatory progress, including the Climate Change Act and the establishment of a carbon market framework, the execution of projects is hampered by a lack of technical expertise. Africa currently captures only a small fraction of its carbon market potential, producing just about 2 percent of its estimated capacity.

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Yet, amid this momentum, a critical constraint is being overlooked. Nigeria does not have a funding problem in its climate ambitions. It has a talent problem.