By Obas Esiedesa, Abuja
Nigeria can potentially generate over N1 trillion in new annual revenue from climate action and carbon markets if the proper structures are put in place, Professor Patrick Ogunnowo has said.
Ogunnowo, founder and CEO of A UK Trade and Infrastructure Enterprise Limited (AUKTIE), explained in Abuja on Tuesday that studies show renewable energy projects under the Rural Electrification Agency (REA) have already saved over 1.5 million tons of carbon emissions, which could be traded at approximately $4 per ton.
He emphasized that this revenue is not merely aspirational but represents a “realistic, data-driven opportunity waiting to be structured, verified, and monetized.”
“Nigeria stands at a defining moment in its energy transition. Our mission is to bring clarity, structure, and monetizable value to the renewable energy ecosystem by aligning technology deployment with carbon finance intelligence, global standards, and tangible economic outcomes,” Ogunnowo said.
With the federal government intensifying efforts to close the energy access gap through renewable sources, he noted that significant revenue can be earned in the process.
He stressed that Nigeria must move beyond merely installing solar panels, mini-grids, waste-to-energy systems, EV charging infrastructure, and energy-efficiency upgrades, and begin to structure the carbon value behind every project.
“Nigeria’s next competitive advantage lies not only in generating clean power but in measuring, certifying, and monetizing the carbon savings it produces. If ministries, regulators, and institutions across the energy and environmental sectors work collectively and intentionally, the country can realistically unlock over N1 trillion in annual carbon revenue—a transformational opportunity for national development, job creation, foreign exchange generation, and sustainable growth,” he added.
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