How Can Nigeria Maximize the Benefits of CDM?

Abstract

Nigeria is a country heavily dependent on fossil fuels and also a member of OPEC. CDM is multifaceted mechanisms in which developing countries can achieve sustainable development and also generate carbon credits to aid Annex I countries reduce emission. For a country like Nigeria that is heavily dependent on carbonised fuel, by ratifying the Kyoto Protocol, and adopting the CDM they have agreed to indulge in activities that would reduce GHG emissions. My question is that are there policies and structures in place for the CDM to work effectively? Do they have the administrative capacity to achieve the objectives of the CDM? I intend to examine the policies that have been adopted by countries like India and China where CDM has prospered and also point out the story so far in Nigeria.