The Chief Executive Officer and Chairman of the Cross River State Green Economic Commission, Oden Ewa, has urged the Federal Government and the National Council on Climate Change to expedite the completion of the national carbon market framework policy. He emphasized that the absence of this policy has significantly hindered the growth of the carbon market and the inflow of investments into the sector.
Ewa, who also serves as the state’s Commissioner for Special Duties and Intergovernmental Relations, praised Governor Bassey Otu for his dedication to positioning the state at the forefront of the carbon market through key initiatives, including the establishment of the Green Economic Commission.
Speaking at the Hybrid Stakeholders Town Hall Meeting on Mangrove Restoration, Conservation, and Protection in Calabar, Ewa highlighted Cross River’s longstanding leadership in environmental conservation. He revealed that the state has over 53,000 hectares of degraded mangroves awaiting restoration and is actively engaging investors and development partners to seize carbon investment opportunities.
He cited a milestone agreement at COP28, where the National Council on Climate Change, the Federal Government, and investment partners—France-based aDryada and Nigeria’s Noblesse Green Energy—committed to advancing mangrove restoration in Cross River and Osun States. However, he lamented that progress has stalled due to the absence of a carbon market framework, which is essential for unlocking investment opportunities and enabling sub-national governments to develop their green economic markets.
Ewa stressed that without this framework, Nigeria’s vast carbon economy potential remains untapped, limiting financial investments in large-scale mangrove restoration. While acknowledging the Federal Government’s efforts in developing a structured carbon market, he urged for swift finalization to ensure policy clarity, market stability, and investor confidence.
He underscored the critical role of mangrove ecosystems in carbon sequestration, biodiversity conservation, and community livelihoods. He urged stakeholders to recognize the economic potential of mangroves and enhance intergovernmental collaboration to maximize their benefits.
Cross River, he noted, is well-positioned for leadership in carbon investment due to its rich biodiversity, including rainforests and mangrove ecosystems that serve as natural carbon sinks, protect coastlines, and support local economies through fisheries and tourism.
Calling for collective action, Ewa expressed optimism that with enhanced cooperation and a shared vision, Nigeria could emerge as a continental leader in carbon investment. He emphasized the need for urgency in policy execution to unlock the country’s green economic potential.
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