By Abbas Nazil
A Non-Governmental Organisation, Vectar Energy, has urged the Federal Government to leverage carbon credits as a sustainable means of funding Nigeria’s renewable energy transition and bridging its $40 billion energy deficit.
Speaking at the maiden EcoWise multi-stakeholder forum in Abuja themed “Trust, Scale, Impact: Unlocking Climate Finance through Carbon Credits for Solar in Nigeria,” the Founder of Vectar Energy, Deborah Fadeyi, emphasized that carbon trading offers a more reliable alternative to international aid for financing clean energy.
Fadeyi explained that Nigeria must move beyond aid dependency by using mechanisms that reward low-carbon projects through carbon credits.
She noted that such credits can be sold to global corporations like Amazon and Microsoft seeking to offset emissions and achieve net-zero targets by 2050.
The Vectar Energy founder posited that converting solar and renewable energy data into carbon credits under the Clean Development Mechanism would generate capital for scaling solar projects nationwide.
Nigeria, which launched its Carbon Market Activation Plan (CMAP) in February 2024 and the Nigeria Carbon Market Activation Policy (NCMAP) in September 2024, aims to unlock an estimated $2.5 billion carbon market by 2030.
Fadeyi highlighted that over 8.6 million Nigerians still lack access to electricity, underscoring the urgency of adopting sustainable financing models to expand renewable energy access and industrial growth.
The Ambassador of Israel to Nigeria, Michael Freeman, represented by Thelma Agada, commended Vectar Energy for fostering collaboration between Nigeria and Israel through the Innovate Hub, adding that Nigeria possesses vast potential to lead Africa’s clean energy revolution.
He said the key challenge is connecting innovation with investment and assured that Israel remains ready to partner through technology transfer and capacity building.
Vice President of the Renewable Energy Association of Nigeria, Damilola Asaleye, praised Vectar Energy for launching EcoWise, describing it as an innovative platform that enables African stakeholders to access climate finance and transform solar energy data into revenue.
She urged the private sector to complement government efforts by ensuring data credibility and driving sustainable climate finance initiatives.
The event also featured the launch of a technical paper and virtual presentations on Nigeria’s solar ambitions, climate resilience, and financing the solar transition.