Our Resources

Follow us on our journey to build an Africa that feeds herself and the world.

resource img
Company News

April 02, 2024

ThriveAgric: Leading the Charge for a Greener Nigeria with Carbon Credits

At ThriveAgric, sustainability is at the core of everything we do. We're committed to empowering African agriculture while protecting the environment for future generations. That's why we're excited to be hosting a roundtable discussion alongside AGRA, diving deep into the world of Carbon Credits on April 3rd.

Carbon Credits: A Game Changer for Nigeria

Nigeria, Africa's economic powerhouse, faces a challenge. Its rapid growth has come at an environmental cost, increasing greenhouse gas emissions and vulnerability to climate change.  This situation demands innovative solutions, and one promising answer lies in carbon credits.

What are Carbon Credits?

Imagine a tradable certificate representing the removal of one ton of carbon dioxide (CO2) from the atmosphere. That's essentially a carbon credit.  These credits incentivize projects that mitigate climate change, offering a financial reward for going green.

The Nigerian Carbon Market: Early Days, Big Potential

The Nigerian carbon market is in its nascent stages, but the government is committed to its development. The 2021 Climate Change Act paves the way for a low-carbon and climate-resilient economy. Existing initiatives like renewable energy and tree-planting projects demonstrate the potential, but scaling up is crucial.

Learning from Africa's Leaders

Several African countries are already reaping the benefits of carbon credits, offering valuable lessons for Nigeria. Kenya, for example, is a frontrunner with projects focusing on renewable energy and efficient cookstoves. Their success hinges on a clear regulatory framework and streamlined project registration – areas where Nigeria can learn and adapt.

Avoiding Mistakes, Building a Better System

Some African carbon projects have faced criticism for lack of "additionality" (ensuring projects generate real emission reductions) and methodological weaknesses.  Nigeria can avoid these pitfalls by:

  • Prioritizing projects with clear emission reduction benefits.
  • Employing reputable verification bodies to ensure credit quality.
  • Working collaboratively with local communities to design projects that meet their needs.
  • Fostering knowledge sharing amongst African countries involved in carbon markets.

Benefits for Nigeria: A Greener, More Prosperous Future

Carbon credits offer a win-win for Nigeria:

  • Climate Change Mitigation: Businesses and individuals will be incentivized to adopt greener practices, reducing the nation's carbon footprint.
  • Economic Growth: Foreign companies can invest in Nigerian carbon reduction projects, creating jobs and attracting green technology development.
  • Market Diversification: Carbon credits offer an opportunity to lessen dependence on oil and gas, fostering a more robust and sustainable economy.

ThriveAgric: A Thought Leader in Sustainable Agriculture

By prioritizing high-impact projects like large-scale tree planting, promoting efficient cookstoves, and developing biogas facilities, Nigeria can achieve its climate goals while generating revenue and promoting sustainable development. 

At ThriveAgric, we're committed to being a thought leader in this space. To further establish our mission to drive sustainable agriculture practices to provide adequate support for smallholder farmers and impact rural communities: we have partnered with Acorn - Rabobank to provide carbon credit access to 30,000+ smallholder farmers across 9 states in Nigeria, to facilitate the sequestration of 1.3 million Metric Tons of CRUs and generate over $50 million in carbon credit revenue.  READ MORE about the partnership here

Share via:logologologo

Related Content

blog img
Industry Reports

Oct 01 2023

Agritech as an essential partner for enhancing food security in Nigeria

blog img
News Mentions

Oct 18 2023

Our Uka Eje Makes Africa's Business Elite 40 Under 40 List