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

By Cynthia Alo

Nigeria risks losing hundreds of millions of dollars in potential carbon credit earnings to foreign consultants and technical experts unless it urgently develops the skilled workforce needed to participate in the rapidly expanding global carbon market, a climate finance expert has warned.

The warning comes at a time when carbon credits are emerging as one of the fastest-growing segments of global climate finance, with analysts projecting the global voluntary carbon market to grow from about $5.3 billion in 2025 to nearly $24 billion by 2030.

Carbon credits are generated when projects reduce, avoid or remove greenhouse gas emissions from the atmosphere. Each verified credit represents one metric tonne of carbon dioxide equivalent avoided or removed and can be sold to governments and companies seeking to offset their emissions.

Nigeria possesses vast forests, wetlands, mangroves, agricultural land and degraded ecosystems that could be restored to generate significant volumes of carbon credits. However, experts say the country lacks sufficient local professionals capable of designing, measuring, verifying and monetising carbon projects.

In an article shared with Vanguard, Olusola Omole, Fellow of the Institute of Chartered Accountants of Nigeria and Co-founder/Executive Director of AgLane Climate Action Foundation, said the country’s greatest climate challenge is no longer funding or policy but the shortage of climate-skilled professionals.

According to him, Nigeria’s emerging carbon market could generate as many as 30 million carbon credits annually by 2030. At prevailing international carbon prices, this could translate into hundreds of millions of dollars in annual revenue while creating millions of jobs across the economy. Estimates linked to the Africa Carbon Market Initiative indicate that 30 million credits could be worth more than $500 million annually and support over three million jobs.

He said: “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.

“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.”

Omole noted that although Nigeria has begun laying the regulatory foundation for carbon trading through the Climate Change Act, the National Council on Climate Change and the country’s carbon market framework, the technical expertise required to execute projects remains scarce.

Industry estimates show that Africa currently accounts for only a fraction of its carbon market potential. The Africa Carbon Market Initiative estimates that the continent is producing just about 2 percent of its potential carbon credit volume despite having the capacity to generate up to two billion tonnes of carbon credits annually by 2030, representing a market opportunity of between $30 billion and $50 billion.

Nigeria is expected to be one of the continent’s biggest beneficiaries if it can build local capacity. “To generate carbon credits from a single project, several professionals must come together to play different roles. We still go abroad to source these skilled personnel,” Omole said.

The specialised roles include carbon accountants, Monitoring, Reporting and Verification (MRV) experts, environmental auditors, Geographic Information Systems analysts, remote sensing specialists, biomass estimation experts, project developers and Environmental, Social and Governance (ESG) compliance professionals.

The dependence on foreign expertise means that a substantial share of project development fees, verification costs and consulting revenues flows out of the country instead of remaining in the local economy.

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