Lagos solar operators eye FX earnings from clean energy
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Punch Newspaper
Reported by Dare Akogun
Sat, 31 Oct 2026, 00:01
Photo courtesy of Punch Newspaper · Verified via News Stand NG
Source Attribution: Punch Newspaper
News Stand NG operates under ethical news aggregation guidelines. Source: Punch Newspaper. To read the unabridged investigative reporting and full gallery, visit the original publication.
Solar energy operators in Lagos may earn additional revenue from international buyers following the accreditation of a Nigerian company, EF Market Solutions Nigeria Limited, to issue globally recognised renewable energy certificates. “Lagos State is building the institutional infrastructure for a modern, transparent electricity market, being accredited as the I-REC(E) issuer is a foundational part of that work,” Adebayo said.
Context & Background
✦The Lagos State Government has projected that the state requires between $14bn and $33bn in investment to meet its electricity generation needs by 2030.
Key Figures & Named Entities
Saturday:The company, in a statement made available to Saturday PUNCH on Friday, said it had been approved by the Netherlands-based I-TRACK Foundation as an accredited issuer of International Renewable Energy Certificates for Lagos State, replacing a United Kingdom-based company that previously handled issuance in Nigeria.Thursday:The accreditation, announced on Thursday, is expected to strengthen Nigeria’s participation in the international renewable energy certificate market and retain more of the expertise and oversight associated with the business locally.2025:Governor Babajide Sanwo-Olu reportedly announced the initiative at the Lagos Climate Summit in November 2025 as part of efforts to strengthen the state’s climate finance infrastructure and attract investment into environmental projects.
Outlook & Next Steps
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Key Takeaways
Verified Extract
✦Solar energy operators in Lagos may earn additional revenue from international buyers following the accreditation of a Nigerian company, EF Market Solutions Nigeria Limited, to issue globally recognised renewable energy certificates.
✦“Lagos State is building the institutional infrastructure for a modern, transparent electricity market, being accredited as the I-REC(E) issuer is a foundational part of that work,” Adebayo said.
✦The Lagos State Government has projected that the state requires between $14bn and $33bn in investment to meet its electricity generation needs by 2030.
Key Facts:Saturday: The company, in a statement made available to Saturday PUNCH on Friday, said it had been approved by the Netherlands-based I-TRACK Foundation as an accredited issuer of International Renewable Energy Certificates for Lagos State, replacing a United Kingdom-based company that previously handled issuance in Nigeria.Thursday: The accreditation, announced on Thursday, is expected to strengthen Nigeria’s participation in the international renewable energy certificate market and retain more of the expertise and oversight associated with the business locally.2025: Governor Babajide Sanwo-Olu reportedly announced the initiative at the Lagos Climate Summit in November 2025 as part of efforts to strengthen the state’s climate finance infrastructure and attract investment into environmental projects.$14: The Lagos State Government has projected that the state requires between $14bn and $33bn in investment to meet its electricity generation needs by 2030.
Editorial Excerpt
Solar energy operators in Lagos can now earn foreign exchange after a Nigerian firm was accredited to issue globally recognised renewable energy certificat
Frequently Asked Questions About This Story
What is the latest development regarding Lagos State?
Solar energy operators in Lagos may earn additional revenue from international buyers following the accreditation of a Nigerian company, EF Market Solutions Nigeria Limited, to issue globally recognised renewable energy certificates.
Who are the key organizations or public figures mentioned?
“Lagos State is building the institutional infrastructure for a modern, transparent electricity market, being accredited as the I-REC(E) issuer is a foundational part of that work,” Adebayo said.
What timeline or key figures were confirmed?
The company, in a statement made available to Saturday PUNCH on Friday, said it had been approved by the Netherlands-based I-TRACK Foundation as an accredited issuer of International Renewable Energy Certificates for Lagos State, replacing a United Kingdom-based company that previously handled issuance in Nigeria.
