President Kashim Shettima has sounded a dire warning over the massive depletion of Nigeria’s forest cover, calling it both an environmental crisis and an economic emergency.

Speaking at the opening of the Nigeria Forest Economy Summit 2025 held at the Presidential Villa on Monday, the Vice President revealed that more than 90 percent of the nation’s original forests have been lost, with over 400,000 hectares vanishing annually.

Meanwhile, the Founder of Netzence sustainability limited (Netzence), Dr. Sadiq Sani, has given the country an assurance that it is using technology to unlock the over two billion dollars of potentials in the forest sector.

Represented by the Deputy Chief of Staff to the President, Ibrahim Hadejia, Vice President Shettima declared, “this is not just an environmental crisis; it is an economic emergency. Ignoring this challenge is not an option. Our forests’ depletion threatens economic stability, livelihoods, and our global trading position.”

The summit, themed “Sustainability of Nigeria’s Forests: Unlocking the $2 Billion Potentials for Economic and Financial Inclusion”, was organized by the Presidential Committee on Economic and Financial Inclusion (PreCEFI).

It brought together government officials, private sector actors, environmentalists, and international stakeholders to spotlight the immense, untapped wealth within Nigeria’s forests.

Shettima emphasized the economic and strategic value of forests to national development, citing global examples where forest economies have become vital pillars.

“Vietnam earns over $15 billion yearly from forest exports. Brazil’s Amazon contributes 15% of its GDP from forests alone. Ethiopia has created 350,000 jobs through reforestation and value chains. Nigeria must not only replicate these successes—we must lead Africa’s forest industrialization”, he said.

The Vice President warned that global trends in sustainable sourcing could soon shut Nigeria out of critical export markets.

“The European Union is rolling out regulations prohibiting imports from lands deforested in the past five years. If we do not embrace sustainable forest management now, Nigeria risks losing vital market access,” he said.

Beyond regulation, Shettima also underscored the connection between forest economies and financial inclusion.

“Embedding financial services in forest-based livelihoods will improve credit access, savings, insurance, and digital tools—especially for the 30 million Nigerians who remain financially excluded, particularly women and girls,” he said.

He called for bold innovation through “eco-industrial parks dedicated to bamboo, shea butter, medicinal plants, and carbon verification,” urging stakeholders to “turn trees into trillions and forests into futures.”

A major highlight of the event was a presentation by Dr. Sadiq Sani, Founder and CEO of Netzence Sustainability Limited, who disclosed that his company is deploying advanced technology to unlock over $2 billion from Nigeria’s forestry sector.

“Netzence is providing technology that allows us to measure emissions and greenhouse gases in our environment and realize carbon credits. That is our fundamental aim through our proprietary technology, CloseCarbon,” Dr. Sani said.

He added that the firm Is already building data models that track forest composition and decomposition to calculate real-time greenhouse gas emissions and their economic value in carbon markets.

Dr. Sani confirmed that Netzence is collaborating with the Federal Government, including the Ministry of Environment and Ministry of Livestock Development, to scale up its work.

“This is not just about protecting the environment. The impact is economic, social, and transformational. We can’t achieve this without the support of government and stakeholders across all sectors,” he said.

Secretary of the Presidential Committee on Economic and Financial Inclusion and Technical Adviser to the President, Nurudeen Zauro, reaffirmed the administration’s commitment to leveraging underutilized sectors for inclusive growth.

“One part of Mr. President’s agenda is inclusivity. PRICIFI’s duty is to identify untapped opportunities—areas that have been silent—and unlock them to drive progress,” Zauro said.

According to him, the summit was convened to rally all ecosystem stakeholders—public and private—to explore how forests can become engines for grassroots economic empowerment and national wealth creation.

Adding his voice, the Executive Secretary of the Border Communities Development Agency, George Kelly, stressed that Nigeria holds over 10.6 million hectares of natural and planted forests, with the potential to generate between $5.3 billion and $10.5 billion annually through carbon financing.

“Properly managed, our forests can fund multiple state budgets and deliver true economic and financial inclusion at the rural level. The next step is aligning all forestry-related agencies to collect more precise data and act on this opportunity,” Kelly said.

Chairman of WEN Synergies Nigeria Limited and Fellow of the Nigerian Institute of Architects, Danny Sokari, emphasized the need for national awareness.

“The awareness about how to generate that $2 billion is not yet there. That’s why WEN Synergy organized this summit—to raise consciousness, bring in stakeholders, and collectively ask, ‘What can we do?’” he said. (The Nation)