Cross River State has called on the Federal Government to hasten Nigeria’s carbon market policy, a major step to unlocking climate investments and growth of the country’s green economy.
At a recent stakeholders’ meeting in Calabar, Oden Ewa, CEO of Cross River State Green Economic Commission and Commissioner for Special Duties, said policy delay is holding back carbon credit projects and mangrove restoration.
Carbon markets is a system where businesses and governments can buy and sell carbon credits, rewarding initiatives that reduce emissions or protect natural ecosystems like forests and mangroves.
According to Ewa, this is a $10 billion opportunity.
Cross River has over 53,000 hectares of degraded mangroves – an untapped resource that can absorb vast CO2 while supporting coastal communities through fisheries and tourism.
But without national policy, investors are hesitant.
Ewa mentioned partnerships secured at COP28 with France’s aDryada and Nigeria’s Noblesse Green Energy. These companies are ready to fund mangrove restoration but need policy clarity before committing resources.
Under Governor Bassey Otu, Cross River has taken the lead in environmental conservation.
The state’s Green Economic Commission is driving the process of converting natural assets into sustainable revenue streams.
“Our mangroves are not just trees,” Ewa said. “They protect our coasts from erosion, marine life, and thousands of livelihoods. With the right policies, we can generate carbon credits, create jobs and attract eco-tourism, aligning with global climate goals.”
Despite these opportunities, Nigeria’s lack of carbon market framework is holding back progress. Investors need clear rules to assess risks and returns while states need legal structure to trade carbon credits effectively.
For instance, aDryada’s proposed mangrove restoration project in Cross River and Osun can be a national precedent. But without federal action, such projects are stuck – leaving Nigeria out of the $2.5 billion African carbon market.
Ewa praised the National Council on Climate Change (NCCC) for the groundwork but said we must hurry up.
“The global carbon market is growing fast – Nigeria can’t be left behind,” he warned.
He called for stronger collaboration between federal agencies, state governments and private investors to finalise policies, streamline approvals and build confidence in the Nigerian carbon market. Engaging local communities is also key to sustainability and conflict prevention.
Mangroves go beyond carbon credits. They protect coastlines from erosion, absorb excess carbon and are breeding grounds for fish that support over 5 million Nigerians who depend on fisheries.
Cross River’s mangrove restoration strategy can be a model for other states.
But without urgency in policy, Nigeria will be left behind in the global race for green investments.
“Our natural resources are a goldmine waiting to be uncovered,” Ewa said. “Time to act now.”
Finalising Nigeria’s carbon market framework will send a strong signal to global investors and empower states to monetise their natural assets.
For Cross River, that means jobs, environmental protection and more revenue for development projects.
As the world goes green, Nigeria must position itself as a leader – starting with policies that turn climate challenges into economic opportunities.
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