…Says forestry holds $2 billion in untapped potential

Vice President Senator Kashim Shettima has sounded the alarm over the alarming rate of deforestation in Nigeria, warning of grave economic and environmental consequences.

Shettima revealed that more than 90 per cent of the country’s original forest cover has been lost, with over 400,000 hectares disappearing annually. He described the crisis as “not just environmental but an economic emergency.”

He made the remarks on Monday while opening the Nigeria Forest Economic Summit in Abuja.

According to him, Nigeria’s forestry sector holds an estimated $2 billion in untapped opportunities through biodiversity, timber, medicinal plants and carbon credits. However, he cautioned that without swift action, the nation risks exclusion from global markets.

“Our forests are treasure troves. Vietnam earns $15 billion annually from forest exports, while Brazil’s Amazon contributes 15 per cent of their GDP. Nigeria must not only replicate such achievements but take the lead in African forest industrialisation,” Shettima said.

He warned that forthcoming European Union rules prohibiting imports linked to deforestation could bar Nigeria from key markets unless sustainable practices are adopted.

Shettima urged the development of eco-industrial parks for bamboo, shea butter and medicinal plants, alongside financial inclusion for communities that depend on forestry.

“Let us transform trees into trillions and forests into futures. This summit must be the moment we innovate, invest and industrialise our forest economy for national prosperity,” he said.

Dr Sadiq Sani, Founder and CEO of Netzence Sustainability Ltd, said his company is deploying technology to realise the sector’s $2 billion potential.

“Our proprietary system, CloseCarbon, measures greenhouse gas emissions and quantifies carbon credits, creating value from Nigeria’s forestry resources,” Sani explained.

The event was organised by the Presidential Committee on Economic and Financial Inclusion (PreCEFI) and attended by senior government officials, industry leaders and environmental experts.