Solar energy operators in Lagos can now earn additional revenue by selling internationally recognised renewable energy certificates to foreign buyers, following the accreditation of EF Market Solutions Nigeria Limited as an issuer of International Renewable Energy Certificates for the state. The company was approved by the Netherlands-based I-TRACK Foundation on Thursday, replacing a United Kingdom-based firm that previously handled issuance in Nigeria. The move is intended to strengthen Nigeria's participation in the international renewable energy certificate market while keeping expertise and oversight within the country.
The accreditation forms part of the Lagos Carbon Initiative, an environmental market infrastructure and climate finance platform being developed in partnership with the Lagos State Government, the Lagos State Environmental Protection Agency, and IBILE Holdings Limited. Governor Babajide Sanwo-Olu 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. The Lagos State Ministry of Energy and Mineral Resources endorsed the appointment through a letter of no objection to the I-TRACK Foundation.
Each International Renewable Energy Certificate, or I-REC(E), represents one megawatt-hour of verified renewable electricity generation. The certificates allow companies to substantiate claims about their use of renewable electricity and account for associated indirect greenhouse gas emissions under international reporting standards. Solar project owners in Lagos will be able to register their facilities for verification of their renewable energy sources and electricity metering under the international standard. Ibukun Adebayo, Chief Executive Officer of EF Market Solutions, said the accreditation would strengthen the institutional framework required to develop a transparent electricity market in Lagos. "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," he said.
The initiative is particularly significant given Lagos's electricity supply challenges. The Lagos State Electricity Board's General Manager, Kamaldeen Balogun, disclosed that Lagos receives about 1,000 megawatts of electricity from the national grid against an estimated requirement of 9,000MW. The Lagos State Government has projected that the state requires between $14bn and $33bn in investment to meet its electricity generation needs by 2030. Eligible solar installation owners on factories, hospitals, offices and other facilities can register their systems, undergo verification, and receive certificates representing verified renewable electricity production, which they can then sell to companies seeking to meet their clean energy commitments.
The commercial value of the certificates will depend on the number of eligible projects registered, verification requirements, demand from international buyers, and negotiated prices. However, the additional revenue could improve the financial viability of solar projects, which is significant in Lagos where businesses and households spend heavily on petrol and diesel generators to supplement inadequate grid electricity. The initial phase of the Lagos Carbon Initiative will focus on solar energy projects before expanding to other renewable energy sources. Nigeria recorded 522 renewable energy certificate issuances between 2020 and September 2026, with activity increasing from 27 in 2024 to 218 in 2025 and 236 in the first nine months of 2026, according to figures cited by the company. The global market recorded approximately 270 million certificate issuances in 2024 and 346 million in 2025.
Jard Braslawsky, Executive Director of the I-TRACK Foundation, described the approval as an important development for the expansion of the international certificate system. "The availability of local issuers plays an important role in supporting market participants and strengthening the infrastructure needed to track and substantiate renewable electricity consumption," he said.