Former Deputy Governor, Central Bank of Nigeria, Dr Tunde Lemo, has said that Nigeria can earn over $60 billion in carbon credit revenue per year, reaching over 100 mil- lion households in benefits and tangible social impact returns.

He stated that just as crude oil defined the na- tion’s trade identity, carbon can redefine it. He noted that countries like China, Brazil, India and Kenya are already realising billions in climate-linked revenues. He spoke during his keynote address at the second edition of EcoNexus organised by the Office of he Special Adviser to the governor of Lagos State on Climate Change and Circular Economy on Friday in Lagos. The title of his keynote address was: “From cli- mate risk to green pros- perity: Financing Nigeria’s future through compliance with carbon markets.” A carbon credit is a trad- able permit that allows the holder to emit one ton of carbon dioxide or its equiv- alent in other greenhouse gases.

Essentially, it’s a mechanism to monetise and incentivise reducing green- house gas emissions. Companies can buy carbon credits to offset their own emissions, or they can be generated by projects that reduce or remove car- bon from the atmosphere He said: “The conservative figure of $60 billion is there and we can even do a lot more, given our population, given the level of economic activities that we have in the country, given our demographic advantage and of course the sheer size of the Nigerian nation as a whole.

“I mean 923,000 square kilometers and of course, if you know where we were before and where we are now and what it is we can do to roll back the certification and all of this, you know that this is really very possible.” Lemo, who is Chairman, Lambeth Capital/ Titan Trust Bank, appealed to the CBN to take measures that will accelerate the carbon credit market. The Lagos State governor, Babajide Sanwo-Olu, represented by his Special Adviser, Agriculture, Rice Mill Initiative, Dr Olu- warotimi Fashola, said the programme perfectly aligned with the state gov