The conference theme ‘From Emissions to Assets: Carbon Accounting, Trading, and Offsetting in Africa’s Extractive Sector’, explored the potential for high-integrity carbon markets to be a new revenue stream for Africa’s extractive sector, in compliance with regulations and contributing to social benefits.

The deliberations examined how people in the extractive sector can turn their environmental responsibility into economic value through reliable carbon accounting systems, participation in the market, and climate projects that benefit the community.

Opening the conference, Dr Bekeme Olowola, chief executive and convener of SITEI, underscored Africa’s strategic position in the evolving climate economy, noting that the continent must assert ownership over its climate agenda and carbon market architecture.

“Africa is no longer a peripheral player in the climate economy. We are increasingly the centre of global attention because of our natural capital, our demographic advantage and our emerging carbon market ecosystem. Africa must define its standards, set its pace and shape the narrative. This is why CSR-in-Action has, for over 15 years, championed the intersection of extractives, community rights, environmental governance and, now, climate finance,” she said.

Also speaking at the event, Femi Oye, co-founder of Kike AI, highlighted the scale of opportunity within the global carbon market and its implications for Africa’s economic future.

“The demand for carbon credits is expected to reach 300 million tonnes by 2030. With this potential, Africa can generate annual revenues of up to six billion dollars. But you cannot manage what you cannot measure. Carbon accounting is the bedrock of credible carbon credits. For Africa’s extractive industries, carbon markets represent a powerful pathway to lead the green transition while creating tangible economic value from responsibility,” he noted.

From a policy perspective, Esther Essien, Deputy Director, Strategy and Innovation Management Department at the Central Bank of Nigeria, emphasised Nigeria’s climate commitments and the need for robust regulatory frameworks to unlock carbon market growth.

“Nigeria aims to reduce greenhouse gas emissions by 20 percent unconditionally and 47 percent conditionally, with international support”, she stated. By 2060, we plan to achieve net-zero emissions. To realise this, we must establish carbon credit integrity standards, strengthen flaring and methane regulations, and provide fiscal incentives that enable cross-border energy and carbon trade frameworks.”

Echoing this position from an investment lens, Chigozie Ejimogu, Head of Sustainability at Verod Capital Management, emphasised the untapped potential in Nigeria’s emerging carbon market.

“There are significant opportunities in carbon credits, and Nigeria remains largely untapped. With the right frameworks for accounting, reporting and verification, companies can unlock new revenue streams, attract climate finance and contribute meaningfully to sustainable development,” he said.

A key highlight of SITEI 2025 was the announcement of a strategic partnership between CSR-in-Action, FuelTree Limited, SMEFunds and Carbon Credit Network Africa (CCNA) for the development of a technology-driven, community-focused carbon accounting system designed to accelerate clean cooking projects across Africa.

Announcing the collaboration, Dr Olowola explained that the initiative aims to transform carbon-intensive community activities into verifiable, investment-ready climate assets.

“We have co-developed a specialised project delivery framework with FuelTree that reflects our expertise in high-integrity emissions measurement and project-based carbon accounting. Through FuelTree’s Virtual Cylinder Recirculation Model (vCRM), emissions reductions become credible financial assets, helping investors tap into Africa’s projected six-billion-dollar carbon opportunity while ensuring Article 6 delivers real community benefits,” she said.

SITEI 2025 reinforced CSR-in-Action’s role as a catalyst for policy dialogue, industry reform and climate innovation within Africa’s extractive sector. Supported by Zenera Consulting and The Good Citizen, the conference emphasised the importance of incorporating integrity, transparency, and community ownership into Africa’s carbon market architecture as the continent gets ready to play a long-term role in the global climate economy.

It was held at Four Points Hotel Victoria Island, Lagos and sponsored by global philanthropy giant, Ford Foundation, and supported by Nigerian multinational commercial bank, Access Bank.

Themed: ‘The SDGs and the Extractive Sector: Aligning Governance, Policies, and Practices,’ the Conference sought to harmonise the present condition of Nigeria’s extractive sector with global development goals through an evaluation of governance, policies, and their execution.

According to Bekeme Masade-Olowola, Chief Executive, CSR-in-Action, and Convener of SITEI, “CSR-in-Action’s mission is to facilitate collaboration, ensuring that governmental policies and mediating organisations play a pivotal role in enforcement. The transition to clean and renewable energy is driven not only by a commitment to public health but also by its potential to generate jobs and stimulate economic growth, creating a cleaner, more sustainable environment.”

Prominent and expert figures in attendance included Beatrice Eyong, Country Representative (Nigeria), UN Women and ECOWAS; Mr Dayo Okusami, Co-Head, Energy and Resource Practice at Templars; Omobolanle Victor-Laniyan, Group Head, Sustainability, Access Holdings Plc; Osayi Alile, CEO, Aspire Coronation Trust (ACT) Foundation; Dr. Uwem Ite, Head, Community and Government Relations at Oriental Energy Resources Limited; Dayo Omolade, CEO, Hybrid Group.

Also present were distinguished luminaries such as Tengi George-Ikoli, Senior Officer, Natural Resource Governance Institute (NRGI); Mr Adamu Garba, COO, Nigerian Climate Innovation Center (NCIC);  Gamawa Murjanatu, Head, Business Ethics, NNPC; Oluwakemi Ajakaiye, Executive Director, AMPAK; Daniel Oladoja, Strategic Communications Lead, Global Strategic Communications; Dr Mina Ogbanga, Country Director/CEO, Centre for Development Support Initiative (CEDSI) and CSO Lead, NEITI; Adewole Lawal, Senior Manager, Sustainability at Mazars; and Dr Orji Ogbonnaya Orji, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), who gave the keynote address virtually.

In the current global landscape, the imperative for environmental responsibility and a transition to cleaner energy sources is more evident than ever. As nations commit to international agreements like the Paris Agreement, the need for concrete actions becomes apparent.

While contributing to the first plenary session, which focused on the importance of energy transition for a cleaner and more sustainable world, Murjanatu Gamawa, Head of Business Ethics at the Nigeria National Petroleum Corporation (NNPC), reminded the audience that “Nigeria is a signatory to the Paris Agreement, and we must embrace this transition. NNPC [she said] is dedicated to prioritising natural gas as a transitional energy source and investing in renewable and cleaner energy alternatives, despite the current cost barriers.”

Dayo Okusami, also emphasised the practical significance of economic viability in policy implementation, particularly in the context of environmental policies and the energy transition. He stated that “Effective policy implementation pivots on economic viability that caters to both consumers and suppliers. Our dedication to this transition must exhibit a steadfast and enduring nature.”

The event is annually organised in partnership with the Ministry of Petroleum Resources, the Nigeria Extractive Industries Transparency Initiative, Ford Foundation, and Zenera Consulting, amongst other key institutions. It continues to extend its tradition of providing a pivotal platform for fostering high-level discussions to propel positive transformations and nurture an environmentally conscious extractive sector, even as it is now a year short of being a teenager.

The plenary sessions ended as the panellists proffered recommendations aimed at establishing robust institutions conducive to fostering economic growth.

CSR-in-Action (CiA) remains at the forefront of sustainability, advocacy, and the implementation of government policies.

With a commitment to driving change and fostering a more responsible and environmentally conscious extractive industry, CiA continues to lead the way in promoting sustainability and making a positive impact on society and the planet.

Ultimately, the Conference culminated with the unveiling of the research on the progress of implementing the Petroleum Industry Act (PIA) within host communities, focusing specifically on its implications for women within the host communities.

Since its enactment in 2021, the PIA hoped to address various endemic challenges and foster equitable development in the oil extractive regions in Nigeria. However, there is currently a lack of academic evidence regarding the actual impact of the Act almost two years after its enactment.

With this research, CiA presents a detailed analysis of the implementation of the PIA by oil companies in the three largest oil-producing states in the Niger Delta region – Akwa Ibom, Delta State and Rivers State.

The study specifically assesses gender equity in  PIA implementation, particularly the impact on women in oil-producing communities and the consequences of their inclusion or otherwise in decision-making processes within the industry. The executive summary is accessible here.