Stakeholders in Nigeria’s carbon markets has convened under the Policy and Regulatory Innovations for Scaling Markets (PRISM) Project to advocate for domestic financing for Nigeria’s carbon market.
The PRISM Nigeria Initiative is a policy and regulatory engagement program working to integrate carbon markets into Nigeria’s domestic financial system, in a bid to promote carbon-linked revenues as a credible, investable asset class and thereby unlocking local capital for clean cooking, distributed renewable energy (DRE), and nature-based projects across the country.
The initiative builds on a successful first phase in Kenya, where engagement with financial regulators opened dialogue on recognising carbon revenues within banking, capital market, pensions, and insurance frameworks.
Delivering the keynote address at the validation meeting in Abuja, Ibrahim Shelleng, Senior Special Assistant to the President on Climate Finance and Stakeholder Engagement, said that Nigerian communities must look inward to raise the finance required for climate projects.
He noted that
