Nigeria has taken a step towards retaining more revenue from its renewable energy market with the accreditation of a local company to issue internationally recognised clean energy certificates, ending the dominance of a United Kingdom-based firm in the country's market.
The Netherlands-based I-TRACK Foundation accredited EF Market Solutions Nigeria Limited as the first Nigerian company authorised to issue International Renewable Energy Certificates (I-REC(E)) in the country.
The accreditation replaces the UK-based Green Certificate Company, which handled all recorded certificate issuances in Nigeria between 2020 and September 2026.
The development is expected to give local renewable energy operators access to additional income from international buyers while keeping more of the expertise, data and market oversight within Nigeria.
EFMS will issue the certificates through the Lagos Carbon Initiative, an environmental market and climate finance platform being developed in partnership with the Lagos State Government.
Each certificate represents one megawatt-hour of verified renewable electricity generation. Companies purchase them to demonstrate their use of clean energy and account for indirect greenhouse gas emissions under international reporting standards.
The arrangement also allows owners of eligible solar installations and other renewable energy facilities to earn additional revenue by selling certificates alongside income from electricity generation.
EFMS Chief Executive Officer, Ibukun Adebayo, described the accreditation as an important step towards building 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.
He added that the certificates verifying clean electricity generated in Lagos would, for the first time, be issued by a Nigerian company under the supervision of local regulators.
The I-TRACK Foundation's Executive Director, Jard Braslawsky, said the accreditation would strengthen the infrastructure for tracking renewable electricity consumption and support market participants.
Figures from the foundation's registry cited by EFMS showed that Nigeria recorded 522 renewable energy certificate issuances between 2020 and September 2026.
The number rose from 27 in 2024 to 218 in 2025 and 236 in the first nine months of 2026. All the issuances during the period were attributed to the UK-based Green Certificate Company.
Globally, about 270 million renewable energy certificates were issued in 2024, rising to approximately 346 million in 2025, according to figures contained in the company's announcement.
The development comes as Lagos seeks between $14bn and $33bn in new power generation investments by 2030 amid persistent electricity shortages and heavy dependence on petrol and diesel generators.
Figures from the Lagos State Government's 2025 Economic Development Update indicate that the national grid supplies about 1,000 megawatts to the state, while generators provide an estimated 15,000 megawatts.
The state estimates that generator-powered electricity costs residents and businesses about N5.3tn annually.
The Lagos Carbon Initiative, announced by Governor Babajide Sanwo-Olu at the Lagos Climate Summit in November 2025, is being developed through a joint venture involving EFMS, the Lagos State Environmental Protection Agency and IBILE Holdings Limited, the state's investment arm.
The platform is expected to provide environmental market infrastructure, climate financing and a carbon registry system. Eligible Nigerian renewable energy projects registered through it will also carry a verification mark known as the Lagos Standard.
However, the financial benefits to local renewable energy operators will depend on project registration, verification, international buyer demand and the prices secured for the certificates.
The wider renewable energy certificate market is projected to grow from $27.99bn in 2025 to $45.45bn by 2030, according to MarketsandMarkets.
Meanwhile, the Federal Government estimates that implementing Nigeria's energy transition plan could save the country $121bn in fuel costs, although the process would require an additional $10bn in annual investment.
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