Nigerian Oil-Producing Region Eyes Carbon Deals From Mangroves

An oil-rich Nigerian state has granted a UK-based company the rights to develop projects on about 9% of its land to generate carbon credits by restoring degraded mangroves.

Delta State, at the heart of Nigeria’s crude-producing Niger Delta region, signed a memorandum of understanding with Serendib Capital last week to lease land for 30 years, renewable for another 30 years, to restore the mangroves and seagrass beds.

The project could potentially sequester, or store away, 5.32 million tons of carbon each year, prevent the deforestation of 250,000 hectares and replant 20,000 hectares, according to the project developer.

Oil majors such ...