Nigeria carbon market reforms could unlock up to $3bn annually in climate finance, experts said at the Nigeria Climate Investment Summit in London

Nigeria strengthened its position as an emerging climate investment destination on Tuesday as government officials, legislators, investors and sustainability experts gathered at the Nigeria Climate Investment Summit 2026 in London to showcase the country’s ambitious plans for a high-integrity carbon market capable of attracting up to $3bn annually in climate finance.

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The summit, held at the historic Mansion House in the City of London as part of London Climate Action Week 2026, brought together senior Nigerian policymakers, global investors, development finance institutions, regulators and climate innovators to deepen Nigeria-United Kingdom cooperation on green industrialisation and sustainable development.

The Nigeria Climate Investment Summit was selected as one of the official flagship events of London Climate Action Week, a distinction reserved for a limited number of high-level international gatherings among more than 1,000 events organised during the week.

Organised by GLOBE Legislators in collaboration with SOStainability and supported by institutions including the Commonwealth Secretariat, United Nations Sustainable Energy for All and the City of London Company of Fuellers, the event focused on mobilising climate finance, strengthening partnerships and accelerating investment into Nigeria’s low-carbon economy.

Speaking during a high-level panel session on climate finance and carbon market opportunities, Dr Eugene Itua, Chief Executive Officer of Natural Eco Capital, Executive Director of the Africa Green Economy and Sustainability Institute, and Board Chairman of the Carbon Market Association of Nigeria, said the Nigeria Carbon Market is backed by a robust policy framework capable of inspiring investor confidence.

According to Itua, Nigeria has already established several key policies and regulatory instruments, including the Climate Change Act 2021, the Long-Term Low Emissions Development Strategy, the Nationally Determined Contribution 3.0 framework, the National Carbon Market Activation Plan and the National Carbon Market Framework.

Rt. Hon. Sam Onuigbo, GLOBE President-designate & Sponsor of Nigeria’s Climate Change Act 2021 (at the Middle), Dr. Eugene Itua, CEO of Natural Eco Capital, Executive Director of the Africa Green Economy & Sustainability Institute (AGESI), and Board Chair of the Carbon Market Association of Nigeria (CMAN), (L) and Mr Oke Epia, Global CEO, SOStainability (R)

He also highlighted the development of a National Carbon Registry, which is ready for launch and designed to support sovereign tracking and transparent carbon credit management.

The climate finance expert noted that Nigeria has the potential to generate between 40 million and 60 million high-integrity carbon credits annually, creating an opportunity to attract between $1.2bn and $3bn in fresh climate finance.

“Nigeria’s challenge is not policy design, it is implementation,” Itua said.

He argued that the next phase of development requires disciplined execution through the operationalisation of Article 6 carbon market mechanisms, deployment of a national digital monitoring, reporting and verification system, stronger state-level readiness and the introduction of blended finance tools capable of reducing investor risk.

“These actions will turn Nigeria’s carbon market from a policy idea into a functioning investment ecosystem,” he stated.

A key theme throughout the summit was the need to ensure that local communities remain central to the development of the Nigeria Carbon Market.

Itua stressed that communities protecting forests, mangroves, farmlands and biodiversity assets must be recognised as primary beneficiaries of carbon finance initiatives.

“Communities are not stakeholders on the sidelines. They are co-owners of the assets that make carbon markets possible. If they are not at the table, the market will lack legitimacy and long-term sustainability,” he said.

Participants at the summit also discussed strategies for connecting Nigerian policymakers with international investors, advancing climate diplomacy ahead of COP31 and expanding investment opportunities in clean cooking, renewable energy, methane reduction and subnational climate projects.

The event featured a distinguished line-up of speakers, including Deputy Speaker of the House of Representatives Benjamin Kalu, President-designate of GLOBE Legislators Sam Onuigbo, Sustainable Energy for All Chief Executive Officer Damilola Ogunbiyi, Lagos State Governor Babajide Sanwo-Olu, former British High Commissioner to Nigeria Catriona Laing and NDC Partnership Global Director Pablo Vieira.

L-R: Dr Tauni Lanier, Sustainable Finance Architect & Climate Capital Thought Leader; Helen Finney, Head of Carbon Market Programmes and Policy UK Department for Energy Security and Net Zero; Dr. Eugene Itua, CEO of Natural Eco Capital, Executive Director of the Africa Green Economy & Sustainability Institute (AGESI), and Board Chair of the Carbon Market Association of Nigeria (CMAN); Ms Eniola Akinsete, Chief Sustainability Officer, Bank of Industry, Nigeria; Ms Sagarika Chatterjee, Director, Finance, Technology, and Capacity-building, Climate High-Level Champions & Mr Tayo Ajayi, Vice President and Lead, Climate and Sustainability Investments, Nigeria Sovereign Investment Authority (NSIA)

Other participants included representatives of the Commonwealth Secretariat, the Renewable Energy Association and leading financial institutions focused on climate investments.

Beyond policy discussions, the summit served as a strategic platform for investor engagement, deal-making and the development of climate finance pipelines aimed at supporting Nigeria’s energy transition agenda.

Looking ahead, Itua announced that a forthcoming publication on Nigeria’s carbon market transition, alongside technical work being undertaken by the Carbon Market Association of Nigeria, would provide a comprehensive national blueprint designed to attract foreign investment, secure bilateral carbon offtake agreements and integrate carbon finance into Nigeria’s National Development Plan for 2026 to 2030.

He said the framework would help translate Nigeria’s climate commitments into measurable projects capable of delivering environmental and economic benefits across sectors including clean cooking, renewable energy, methane abatement and sustainable agriculture.

“Nigeria stands at the edge of a new economic frontier. The architecture exists. The opportunity is real. What we need now is disciplined implementation,” Itua said.

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The summit underscored growing international interest in Nigeria’s climate ambitions and reinforced the country’s efforts to position itself as a leading destination for green investment and carbon market development across Africa.