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NGO Asks FG to Use Carbon Credits to Fund Renewable Energy
NGO Asks FG to Use Carbon Credits to Fund Renewable Energy
By: Michael Mike
A Non-Governmental Organisation (NGO), Vectar Energy has said carbon credits could be the solution to the funding of the nation’s renewable energy plan,
Nigeria is in urgent need of about $40 billion to meet its energy gap, this Vector Energy advised the federal government to tap into carbon credits to fund renewable energy as a solution to the perennial power problem in the country.
Nigeria officially launched its Carbon Market Activation Plan (CMAP) in February 2024 and a supporting policy, the Nigeria Carbon Market Activation Policy (NCMAP), in September 2024, which outlines the strategy to unlock an estimated $2.5 billion market by 2030.
The plan is supported by an inter-governmental committee inaugurated by Vice President Kashim Shettima and aims to accelerate green growth, standardize its carbon market ecosystem, and facilitate international trading under the Paris Agreement
The Founder of Vectar Energy, Deborah Fadeyi, told journalists in Abuja at the maiden EcoWise multi-stakeholder forum under the theme: “Trust, Scale, Impact: Unlocking climate finance through carbon credits for Solar in Nigeria”, that there is an essential need for sustainable solutions through converting solar data into real capital via accelerating climate finance and clean energy in Nigeria .
She said: “access to electricity had become a burden, particularly with not less than 8.6 million Nigerians unable to access electricity, amidst power supply.
Fadeyi noted that: “When we go to COP events, we pretty much ask for aid to be able to build climate resilience, which is one key thing for us as a country.
“Having to build climate resilience through access to electricity, not just for day-to-day, but for sustainable industrialisation, then we realise that aids don’t work.
“The conversation of aids doesn’t work. So how about we trade something? This is where carbon credits come in. If we strive to deploy low-carbon renewable projects, is there a way for us to get concessions from that?
“To be able to finance more renewable energy projects, more solar projects, there is a mechanism for that, it is called the Clean Development Mechanisms.”
She explained further, “such mechanisms could bolster Nigeria’s ability to convert solar data or any sort of low-carbon or renewable green energy data into carbon credits.
“Also that carbon credit is sold to corporate buyers such as Amazon, Microsoft, to be able to showcase their net zero confidence as the world progresses to net zero by 2050.”
Speaking at the occasion, the Ambassador of Israel to Nigeria, Michael Freeman, represented by Thelma Agada, the B-Technology Project Manager, commended Vectar Energy to be the result of the partnership between Nigeria and Israel through the establishment of the Innovate Hub.
The envoy said Nigeria has everything it takes to lead Africa’s clean energy transformation through vast sunlight, abundant natural resources and most importantly, a young, talented, determined population.
“The challenge and the opportunity lies in connecting innovation to implementation and ideas to investment. This forum is exactly the kind of platform that makes such connections possible.
“This brings together government, private sector, academia and development partners, the four pillars that most work hand-in-hand if we can and will achieve the lasting impact.”
Freeman said: “Let me also assure you that Israel stands ready to partner with you on this journey, whether it is through technology transfer, capacity building or joint ventures in renewable energy infrastructure.”
On her part, the Vice President, Renewable Energy Association of Nigeria, Damilola Asaleye, commended the launch of the EcoWise platform by Vectar Energy, to be innovative platform that is needed currently in Nigeria and Africa at large.
She described EcoWise as a platform that is locally built by a Nigerian to bolster sustainable solutions in the renewable energy sector and to enable Africans to have access to climate finance.
She said: “We can have access to environmental finance and then, we can turn all the data from our solar installations right now in Nigeria, we can turn this into revenue through the climate credits.
“I am glad that a private sector, organisation is actually taking the bull by the horn to implement this climate finance platform right now, whereby we can convert climate, environmental data into revenue.
“We do not have to wait for the government for everything to be done. We private sector owners too need to step up to the game and ensure that we have data credibility,” Asaleye said.
Highpoint of the event was EcoWise technical paper launch, virtual presentations on: Nigeria’s solar ambition, empowering people for climate resilient energy access and financing the solar transition.
NGO Asks FG to Use Carbon Credits to Fund Renewable Energy
Armed bandits kill man, abduct nine in macitta village, niger state
By: Zagazola Makama
Nine people were abducted and one man killed when armed bandits attacked Macitta village in Mariga Local Government Area (LGA) of Niger State late Wednesday night, sources confirmed.
Sources said that around 11:30 p.m., a large group of armed bandits entered the community via Kotonkoro District, shooting sporadically. One of the residents, Aliyu Dan Tsohon Soja, 35, was shot dead during the attack. The identities of the nine abducted victims are yet to be confirmed.
Security forces , local vigilantes, and hunters were mobilized to the area, and the body of the deceased was evacuated to the General Hospital, Bangi, for autopsy. Efforts are ongoing to track down the attackers and ensure the safe rescue of the kidnapped individuals.
Authorities have urged residents to remain alert and report any information that may assist in the rescue operations and apprehension of the bandits.
Armed bandits kill man, abduct nine in macitta village, niger state
Three children die in bush fire while grazing cattle in Mokwa, Niger state
By: Zagazola Makama
Three children lost their lives after being engulfed by fire while grazing cattle in Tungan-Noma village, Mokwa Local Government Area (LGA) of Niger State on Wednesday, sources confirmed.
According to sources, the children Huzairu (12), Aliru (11), and Kabiru Surajo (12) went out for cattle grazing around 12:30 p.m. and entered a deep gully in the bush.
They reportedly set dried grasses on fire in an attempt to trap small bush animals. Unfortunately, the flames spread rapidly, trapping the children and preventing their escape.
The lifeless bodies were recovered and evacuated to the General Hospital, Mokwa, for autopsy. Authorities visited the scene to assess the circumstances surrounding the tragedy.
The incident draw attention to the dangers children face in rural areas, particularly when engaging in outdoor activities without supervision.
Parents have been urged to exercise caution and ensure children’s safety during such activities.
Three children die in bush fire while grazing cattle in Mokwa, Niger state
Police foil kidnap attempt on Benin-Lagos expressway, rescue 14 victims
By: Zagazola Makama
Fourteen passengers, including four juveniles, were rescued after an attempted kidnap by armed gunmen along the Benin–Lagos Expressway at Isiuwa, Edo State, police sources confirmed on Wednesday.
The incident occurred around 5:00 p.m., when about 20 gunmen, divided into three groups, emerged from the bush and opened sporadic fire on moving vehicles.
The assailants attempted to attack policemen stationed at a checkpoint but were repelled by responding officers, who coordinated with the Operation Rescue Team, CP Intelligence Squad (Buffalo Team), and Nigerian soldiers.
Two Toyota Sienna vehicles were targeted. One, with registration number RSH 210 CH, was carrying seven passengers from Imo State to Ondo State, while the second, AME 211 YL, carried six passengers.
Police stormed the bush where the gunmen had taken the victims, successfully rescuing ten adults and four juveniles. The rescued included Frederick God Bless, Prosper Admijom, Oluyemi Bolu, Amoo Muyiwa, Ifoma Uchije, Daniel Chibuzo, Solomon Audu, Samuel Chibuke, Kemi Olayiwola, Ugochukwu Irozuruike, and juveniles Chidera Ochije, Augustine Ochije, Chukwuka Ochije, and Obiakor Chisom.
During the chaos, one Abba Adam, a conductor of a Howo truck with registration DED 638 XB, jumped out of his vehicle and was struck by an oncoming truck, dying on the spot. His body was recovered and deposited at Emiloju Medical Center, Okada Junction.
Three passengers are still missing, and search efforts are ongoing. Some of the rescued victims have since continued their journey safely.
Police foil kidnap attempt on Benin-Lagos expressway, rescue 14 victims
Four killed, three injured in lakurwa bandit attack on baidi village, sokoto state
Armed bandits kill man, abduct nine in macitta village, niger state
Three children die in bush fire while grazing cattle in Mokwa, Niger state
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