Nigeria can Generate N320M Annually from Carbon Credits - Tantita

Tantita Security Services has proposed that the implementation of carbon credit schemes could enable coastal communities in Nigeria to generate annual revenues exceeding N320 million.

This assertion was made by Capt. Warredi Enisuoh, the Executive Director of Operations at Tantita Security, during a guest lecture at the 4th annual symposium of the African Marine Environment Sustainability Initiative (AFMESI) held in Lagos.

Capt. Enisuoh emphasized that carbon credits provide a transparent and measurable framework for companies to engage in environmental sustainability efforts.

These efforts include protecting and restoring critical natural carbon sinks, such as forests and marine ecosystems, as well as advancing emerging carbon removal technologies essential for meeting global climate objectives.

In his presentation titled “Achieving Blue Growth in a Changing Climate – Integrating Coastal Communities,” he highlighted the potential impact of carbon credits on addressing pollution challenges in the Niger Delta region.

He explained that a single mature tree can absorb approximately 80 kilograms of carbon dioxide annually. By allocating 50,000 trees per coastal community, it is estimated that the total absorption would reach 4 million kilograms of CO2, equating to significant financial returns through carbon credits valued at $50 per tonne.

Despite the recent enactment of Nigeria's Climate Change Act, Capt. Enisuoh criticized the government's continued investment in diesel-powered trains, urging maritime operators to prioritize environmental concerns over financial gain when considering carbon credit initiatives.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, who opened the workshop, encouraged participants to propose actionable solutions to the various challenges facing the blue economy sector. He reiterated the ministry's commitment to ensuring safety and sustainability within this vital economic area.

Dr. Felicia Mogo, President of AFMESI, underscored the initiative's focus on developing innovative financing mechanisms to support blue economy projects across Africa.