The Centre for Energy, Petroleum and Mineral Law and Policy (CEPMLP) Research Gateway - Can Nigeria Attract International Investors Seeking Carbon Credits To Invest In Certified Emissions Reduction Projects That Would Aid Sustainable Development?

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Nigeria as a ratified signatory to the Kyoto protocol of the United Nations Framework Convention on Climate Change (UNFCCC) can use the Clean Development Mechanism (CDM) as an instrument to bilaterally or unilaterally initiate Certified Emissions Reduction (CER) yielding Clean Development Mechanism (CDM) projects that can earn additional revenue for Nigeria and aid sustainable development. Although Nigeria as a developing country is not bound to a quantified emissions reductions target, it is required to measure and record the quantity of Green House Gases (GHG) gases emitted in the country. Consequently, this paper will use the CDM as a flexible mechanism, to examine how Nigeria can attract international investors seeking carbon credits to invest in CDM projects. It will study how emerging economies of the developing countries attract investors from Annex 1 countries to finance or purchase CER from CDM projects and the Institutional framework required for such activity. This paper concludes that there are existing and potential pipelines of CDM projects that necessitate bilateral co-operation more than the unilateral effort of the Nigerian government.
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