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ECOWAS Targets $294bn Climate Finance Gap, Moves to Unlock West Africa’s Carbon Market Potential
ECOWAS Targets $294bn Climate Finance Gap, Moves to Unlock West Africa’s Carbon Market Potential
By: Michael Mike
The Economic Community of West African States (ECOWAS) has stepped up efforts to establish a regional carbon market platform as the bloc seeks to bridge a $294 billion climate-finance gap and unlock West Africa’s vast potential in international carbon markets.
The move took centre stage in Abuja on Wednesday at a three-day regional workshop convened to validate the framework for establishing the platform, bringing together representatives of ECOWAS Member States, regional and international organisations, technical and financial partners and climate experts.
Speaking on behalf of the ECOWAS Commission leadership, a representative of the Commission, the Director for Environment and Natural Resources, Mr. Christophe Deguenon, conveyed greetings from the President of the ECOWAS Commission, Omar Alieu Touray, and the Commissioner for Economic Affairs and Agriculture, Kalilou Sylla, while expressing appreciation to Nigeria for its continued support for regional climate initiatives.
The ECOWAS representative said the urgency of the initiative was underscored by the growing vulnerability of West Africa to climate change, warning that rising temperatures, climate-induced displacement and environmental degradation were threatening livelihoods and economic development across the region.
According to the ECOWAS presentation, temperatures in West Africa could rise by between 1.5°C and 3°C by 2050, based on projections by the Intergovernmental Panel on Climate Change (IPCC).
The World Bank, it added, estimates that nearly 32 million people could be forced into internal displacement as a result of climate impacts.
The representative noted that, in response to the crisis and the global goal of limiting temperature increases to 1.5°C, ECOWAS Member States had adopted Nationally Determined Contributions (NDCs), progressively increasing their climate-mitigation ambitions through successive reporting cycles.
But as national ambitions increase, so too does the amount of financing required to implement them.
The ECOWAS representative disclosed that the bloc’s Regional Strategy for Access to and Mobilization of Climate Finance, adopted in 2022, had estimated the region’s financing requirements at $294 billion, based on conditional needs contained in the Member States’ second-generation NDCs.
“Four years later, with the submission of NDCs 3.0, these needs have significantly increased,” the representative said, attributing the rise to stronger national climate ambitions and the growing urgency to mobilise climate finance at scale.
The regional climate-finance strategy had identified the establishment of a regional framework for the operationalisation of Article 6 of the Paris Agreement as one avenue for addressing the financing deficit.
The ECOWAS representative said the framework would help West African countries leverage their enormous environmental assets through carbon markets and attract additional resources for climate action.
West Africa, according to the Commission, possesses significant natural capital capable of generating high-integrity environmental and social carbon credits.
This includes more than 350 million hectares of agricultural land, major forest blocks and mangrove ecosystems, as well as enormous opportunities for restoring degraded landscapes.
The Commission, however, acknowledged that the region has yet to fully exploit these opportunities.
Despite its considerable carbon-market potential, West Africa remains insufficiently active in international carbon markets, with regulatory weaknesses, limited technical capacity, inadequate tracking systems and certification challenges continuing to constrain participation.
It was against this backdrop that the ECOWAS Commission launched an ambitious regional process in 2024 to develop a harmonised framework for establishing a regional carbon market platform.
The initiative is aligned with the ECOWAS Vision 2050 and the African Union’s Agenda 2063.
The proposed platform will be built around four key principles: transparency, environmental integrity, inclusive governance and the valuation of Member States’ climate efforts.
Meanwhile, in his opening remarks, Nigeria’s Minister of Environment, Balarabe Lawal, said the regional initiative was both timely and strategic, stressing that climate change posed serious threats to the economies, ecosystems, food security and livelihoods of West Africans.
Lawal, who was represent by a director in the ministry, Mrs. Iniagbon Abiola-Awe, said Nigeria was committed to working with ECOWAS, Member States and development partners to transform the proposed platform into a practical mechanism capable of delivering tangible benefits to the region.
He disclosed that Nigeria had launched its Carbon Market Framework at COP30, while its national carbon-market registry was under development.
The minister said a regional platform would complement national initiatives by enabling Member States to share information, facilitate peer-to-peer learning and showcase the carbon-market potential of West Africa.
According to him, a well-designed regional carbon market could help Member States attract climate investment, promote nature-based solutions, increase private-sector participation and create green jobs.
The Abuja workshop is expected to subject the draft regional framework to rigorous technical and legal scrutiny before its adoption.
The ECOWAS representative challenged experts and Member States to use the three-day exercise to strengthen the document and establish a credible mechanism capable of attracting investors and supporting national climate ambitions.
The representative disclosed that the draft framework was developed by consulting firm AETS, with support from partners including BDO Carbon and S&P Global, among others.
The Commission also acknowledged contributions made during carbon-market engagements in Paris and at the UN climate conferences in Dubai and Baku.
The regional platform, the ECOWAS representative stressed, should not be viewed merely as another institutional mechanism but as an instrument of regional cooperation.
It is expected to facilitate the pooling of expertise and experience, reduce transaction costs, strengthen the capacity of Member States and improve West Africa’s visibility in international carbon markets.
The Commission called on participants to prioritise dialogue, consensus-building and the broader interests of the region as they deliberate on the framework.
The ECOWAS representative expressed confidence that the workshop would produce a “solid, consensual and sufficiently ambitious” regional framework capable of ushering in a new era of climate finance in West Africa.
For Nigeria, the initiative represents an opportunity to position the region not merely as a victim of climate change but as a significant participant in the emerging global carbon economy.
The workshop is expected to culminate in the validation of the framework, incorporation of technical and legal recommendations, approval of governance arrangements and adoption of a regional implementation roadmap.
ECOWAS Targets $294bn Climate Finance Gap, Moves to Unlock West Africa’s Carbon Market Potential
News
Congo: 10,000 confirmed Ebola cases demands rapid scale-up – NRC
Congo: 10,000 confirmed Ebola cases demands rapid scale-up – NRC
By: Our Reporter
Norwegian Refugee Council (NRC) calls for urgent scale-up as outbreak continues to outstrip humanitarian operation
The Democratic Republic of the Congo (DR Congo) has now confirmed more than 10,000 cases of Ebola in the current Bundibugyo virus outbreak.
“The outbreak has affected eight provinces in DR Congo, placing an enormous burden on affected communities. The epidemic is currently concentrated in eastern parts of the country, but recent cases in Kenya and Nigeria have raised fears of a regional flare-up. Almost five thousand deaths have now been confirmed in DR Congo alone.
“The outbreak comes on the backdrop of a chronic and neglected humanitarian crisis in eastern DR Congo. NRC has been operational in the country for over two decades, and is taking part in the Ebola response, including in the most affected province of Ituri. NRC urgently calls for sustained and coordinated efforts to protect communities, strengthen access to essential services, and address the needs of people affected by the outbreak and displacement.
“As I move around Ituri I’m seeing just how hard the disease is hitting communities, and I am struck by how much more needs to be done to bring this outbreak under control,” said Silvia Beccacece, NRC emergency team leader. “Families here have been struggling for years as a result of extreme violence, forced displacement, and the lack of essential services. Ebola comes on top of that, at a point where many have exhausted their ability to cope with the additional challenge it brings. The fact remains that this response is in no way proportionate to the vast scale of the outbreak.
“Combating Ebola requires close cooperation between health authorities, humanitarian organisations, community-based organisations, and international partners. It is essential that the response is scaled up in a way that keeps communities at the centre and is grounded in local customs and traditions. NRC calls on donors and partners to increase their support for humanitarian operations in the DR Congo, particularly in areas affected by the outbreak and displacement.
“10,000 confirmed cases must be a wake-up call that this response is not getting ahead of the outbreak, and is not supporting communities with what they need to bring transmission under control. The warning signs are here for all to see: now it depends on whether leaders will take notice and take the required action,” said Beccacece.
Congo: 10,000 confirmed Ebola cases demands rapid scale-up – NRC
News
AFD, BOI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector
AFD, BOI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector
…90% of facility reserved for small businesses, women and youth entrepreneurs targeted
By: Michael Mike
The French Development Agency (AFD) and the Bank of Industry (BOI) have signed a $30 million financing agreement to expand access to credit for Nigeria’s creative industry, with at least 90 per cent of the facility earmarked for micro, small and medium-sized enterprises (MSMEs).
The agreement, which includes a €500,000 technical assistance programme, is AFD’s first credit line dedicated to cultural and creative industries anywhere in the world, positioning Nigeria as the beneficiary of a financing initiative targeting one of the country’s emerging sources of jobs and economic diversification.

The facility, signed in Abuja during the visit of AFD Chief Executive Officer, Christophe Lecourtier, is designed to improve access to finance for businesses in fashion, design, textiles, music, film and audiovisual production, video games and visual arts.
Women-led and youth-led enterprises, as well as first-time borrowers, are among the priority beneficiaries of the programme, which seeks to address financing barriers that have constrained the growth of creative businesses.
The initiative comes as Nigeria’s cultural and creative industries account for approximately five per cent of the country’s Gross Domestic Product (GDP) and provide livelihoods for more than 4.2 million people.
Under the agreement, the BOI will deploy the credit facility to eligible businesses, while the technical assistance component will strengthen the bank’s capacity to finance the sector through staff training and the development of financial products tailored to the needs of creative enterprises.
The programme targets the training of at least 70 per cent of relevant BOI staff, alongside the development of specialised financing products to better serve businesses whose needs may differ from those of conventional industrial enterprises.
The agreement was signed by BOI Managing Director, Dr Olasupo Olusi, and Lecourtier, who represented AFD, reinforcing the longstanding partnership between the two institutions.

Beyond expanding access to credit, the initiative is expected to promote financial inclusion, support skilled employment and strengthen the contribution of the creative economy to Nigeria’s sustainable and inclusive growth.
Its focus on smaller businesses could prove particularly significant for entrepreneurs seeking to expand production, acquire equipment, develop new products or reach wider markets but who struggle to secure affordable financing.
The facility also aligns with the Federal Government’s Destination 2030 ambition for the creative sector, as Nigeria seeks to diversify its economy and harness industries capable of generating employment and business opportunities for its growing population.
The €500,000 technical assistance component is expected to complement the lending facility by improving BOI’s capacity to understand and meet the financing needs of creative businesses.
For AFD, the agreement represents an expansion of its development financing partnership with Nigeria, while the BOI is expected to use the facility to support enterprise development, job creation and economic diversification.
The two institutions said the programme would help remove financial and non-financial barriers to the development of Nigeria’s cultural and creative industries.
AFD, BOI Sign $30m Deal to Unlock Finance for Nigeria’s Creative Sector
News
Family Seeks Fresh Probe into Missing Corpse at Anambra Hospital
Family Seeks Fresh Probe into Missing Corpse at Anambra Hospital
By: Michael Mike
The family of a deceased engineer whose corpse allegedly disappeared from a mortuary in Anambra State has asked the Inspector-General of Police (IGP) to order a supplementary investigation into the incident, citing omissions and inconsistencies in the police report.
The family, through its lawyer, Mr Joseph Offor, said the investigation into the disappearance of Chukwunweike Okammelu’s body from the mortuary of Chukwuemeka Odumegwu Ojukwu Teaching Hospital, Amaku, Awka, had left critical questions unanswered.
In a letter dated July 6 and addressed to the IGP, Offor, counsel to Chief Osita Okammelu, urged the police chief to review the investigation and direct further inquiries into the circumstances surrounding the disappearance of the corpse.
The petition was also copied to the Deputy Inspector-General of Police in charge of the Force Criminal Investigation Department, Abuja.
Offor said the matter was referred to the IGP following the family’s complaint, after which it was assigned to the Intelligence Response Team (IRT) for investigation.
He said the IRT had concluded its investigation and issued a report, but his client identified material omissions, inconsistencies and investigative gaps that, he argued, undermined the completeness, fairness and credibility of the findings.
According to him, the report acknowledged the possibility of criminal conspiracy and systemic failures but recommended the prosecution of only the mortician, Mr Clement Ogbonna.
He further alleged that the report acknowledged that significant aspects of the investigation remained outstanding while simultaneously recommending immediate prosecution.
Offor said the findings also identified serious administrative and operational negligence without adequately investigating or recommending appropriate action against all persons who might bear criminal responsibility.
He added that the investigators relied on financial records, call data records and other documentary exhibits without making comprehensive findings from the evidence.
The lawyer said critical questions concerning the chain of custody of the corpse, the roles of other listed suspects, institutional responsibility and the circumstances surrounding the alleged unlawful release and disappearance of the body remained unresolved.
Following the disappearance, the family had reported the matter to the police and raised concerns about what it described as the unprofessional conduct and poor handling of the case by the hospital management.
Offor alleged that, rather than adequately addressing the incident, the hospital leadership relied on what the family described as “spurious narratives and falsehoods” attributed to the mortician.
“Our client has accordingly prepared a detailed analysis identifying these gaps and respectfully demonstrating why he believes the investigation requires further review,” he said.
He urged the IGP to direct a supplementary investigation, with particular attention to the issues outlined in a memorandum accompanying the petition.
“Our client firmly believes that a thorough and comprehensive investigation will ensure that truth is fully uncovered and that justice is done to all parties without fear or favour,” Offor said.
Family Seeks Fresh Probe into Missing Corpse at Anambra Hospital
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