Netzence Sustainability Limited believes Nigeria can turn its climate challenges into economic opportunities through a tool called CloseCarbon. In 2024, floods affected over 5.2 million people and displaced 1.2 million, but the organisation says these disasters can be turned into growth and resilience with proper carbon management. According to Netzence’s COO, Ms Idia Okundaye, Nigeria could earn over $9 billion annually, with the potential to triple this amount by 2030 using CloseCarbon.
CloseCarbon is a technology that uses artificial intelligence, blockchain, and data analytics to help track and manage carbon emissions. It enables businesses, government agencies, and farmers to reduce pollution and earn money through carbon credits. The tool supports real-time emissions tracking and encourages sustainable practices across different sectors of Nigeria’s economy.
Netzence says CloseCarbon supports Nigeria’s national climate goals, including the $177 billion plan from 2021 to 2030 and the $1.9 trillion energy transition target by 2060. In agriculture, which employs 35% of Nigerians, the tool helps farmers use eco-friendly methods like enhanced rock weathering (ERW), which improves soil and captures carbon. These efforts allow farmers to earn from carbon credits while protecting their crops.
The tool also benefits Nigeria’s energy sector, which currently costs businesses $29 billion annually due to inefficiency. By tracking emissions, CloseCarbon helps green energy projects like solar, wind, and bioenergy qualify for carbon credits. This encourages clean energy investments and helps Nigeria reduce its dependence on fossil fuels, moving the country closer to achieving its climate goals.
