- Vectar Energy urged Nigeria to convert solar and renewable energy data into carbon credits to attract climate finance and expand clean energy access.
- Founder Deborah Fadeyi emphasised that aid-based climate strategies no longer work and called for trade mechanisms like the Clean Development Mechanism to finance renewable projects.
Vectar Energy has called for stronger climate finance mechanisms to turn solar data into real capital and accelerate Nigeria’s clean energy transition.
The company’s founder, Deborah Fadeyi, appealed to the maiden EcoWise multi-stakeholder forum in Abuja, themed “Trust, Scale, Impact: Unlocking Climate Finance through Carbon Credits for Solar in Nigeria.”
She noted that electricity access remains a significant challenge, with over 8.6 million Nigerians still lacking power despite abundant energy resources.
Ms Fadeyi stated, “When we attend COP events, we often ask for aid to build climate resilience. However, we’ve realised that aid doesn’t work. We must explore trade mechanisms like carbon credits to achieve sustainable industrialisation through reliable electricity access.”
She explained that by deploying low-carbon renewable projects, Nigeria could generate carbon credits under the Clean Development Mechanism, enabling the country to finance more solar and green energy projects.
According to her, corporate buyers such as Amazon and Microsoft purchase these credits to demonstrate their net-zero commitments as the world advances toward carbon neutrality by 2050.
Damilola Asaleye, Vice President of the Renewable Energy Association of Nigeria, praised Vectar Energy for launching the EcoWise platform, describing it as an innovative Nigerian-built tool designed to expand access to climate finance and promote sustainable solutions across Africa.
The Israeli Ambassador to Nigeria, Michael Freeman, highlighted that Vectar Energy emerged from the Nigeria–Israel Innovate Hub partnership. He added that Nigeria possesses all the elements needed to lead Africa’s clean energy revolution: vast sunlight, rich natural resources, and a young, determined population.