In a strategic move to enhance the protection of environmental resources, the Rivers State Government, in collaboration with the Foundation for Partnership Initiatives in the Niger Delta (PIND), has signed a Memorandum of Understanding (MoU) with Serendib Capital Limited. This agreement focuses on safeguarding mangrove forests, establishing a blue carbon credits partnership, and unlocking significant environmental and economic benefits for Rivers State.

The 30-year project aims to become the world’s largest blue carbon initiative, covering 240,000 hectares of seagrass and integrating mangrove restoration, seagrass conservation, sustainable agriculture, tree planting, and biochar production. This large-scale effort will not only restore 170,000 hectares of mangroves but also enhance ecosystem health, generate revenue for the state, and support local communities.

Representing the Rivers State  Governor at the MoU signing in Port Harcourt, the State Commissioner for Energy and Natural Resources, Maximus Nwafor, emphasized the project’s potential to boost the state’s revenue and ensure environmental protection. “This project will benefit Rivers State, increase our revenue base, and we are committed to providing the necessary security and support to make this partnership a success,” Nwafor stated. He assured that the state would ensure the sustainability of the project, highlighting the importance of receiving all necessary requirements from Serendib Capital.

The CEO of Serendib Capital Rafat Rizvi,, explained that this collaborative effort aims to drive transformative environmental and socio-economic benefits in Rivers State. He noted that the project’s launch marks a significant step towards preserving Nigeria’s vital mangrove ecosystems and promoting sustainable development in the Niger Delta region. Rizvi added that the project would restore the damaged ecosystem and boost economic activities through education, jobs, and long-term prosperity, particularly for  youths in the Region , as Serendib Capital Limited is focused on developing projects that promote the preservation and restoration of coastal ecosystems, particularly mangrove forests.  He noted that The company’s  focuses on Blue Carbon projects, which involve sequestering carbon in coastal ecosystems such as mangroves, tidal marshes, and seagrass meadows.

The project is part of a larger mangrove marine ecosystem restoration program known as Delta AZURE, which aspires to be the world’s largest blue carbon project. The signing of this MoU by Rivers State with Serendib Capital aligns with PIND’s efforts to expand similar initiatives across various Niger Delta states. Earlier, on February 28, 2024, the Delta State Government also signed a similar project agreement with Serendib for mangrove forest restoration, seagrass protection, and ecosystem preservation project involving 150 riverine communities, aiming to enhance environmental conservation efforts.

 As part of the next steps, PIND will participate in community entry in Delta State, a crucial phase of the project’s implementation. PIND will facilitate the establishment of community-based resource management committees to monitor and protect mangrove areas, raise awareness, and advocate for the importance of mangrove ecosystems and their benefits to local livelihoods and the environment. Additionally, PIND will ensure the mainstreaming of Gender Equality and Social Inclusion (GESI), particularly for youths, women, and people living with disabilities (PWD).

PIND has been supporting this process in various states due to its commitment to protecting the Niger Delta’s environment and ensuring sustainable economic prosperity by safeguarding its natural resources. This initiative aims to raise awareness among other Niger Delta states about the importance of mangrove restoration and encourage them to join the Serendib Capital program. Building on its extensive experience, PIND will enhance Serendib’s engagement with local communities, farmers, businesses, and other market actors.

Nigeria’s mangrove forests, spanning 10,500 km, are the largest in Africa and the third-largest globally. These vital ecosystems provide critical biodiversity support, flood prevention, coastal erosion protection, and carbon sequestration. However, they face severe degradation, with the Niger Delta region losing approximately 40% of its mangrove forests between 1996 and 2016. These projects wouls  not only help mitigate climate change but also provide numerous ecological benefits, such as protecting coastal communities from storms and erosion, filtering water pollution, and supporting biodiversity, marking  a significant step towards environmental conservation and economic growth in Rivers State.