The high-level engagement brought together regulators, clean cooking developers, technology providers, standards organisations, development partners, investors and carbon market practitioners to address one of the most critical challenges facing Nigeria’s climate finance ecosystem: the need for a coordinated, credible and scalable Monitoring, Reporting and Verification (MRV) framework.

The workshop was designed to support the development of a practical, Nigeria-aligned MRV coordination framework capable of reducing approval bottlenecks, strengthening investor confidence, accelerating carbon credit issuance and unlocking climate finance opportunities for clean cooking projects across the country.

Sessions began with an overview of how trusted data can help unlock climate finance and serve Nigeria’s developing carbon market goals. The challenges of disjointed MRV strategies, inconsistent methods, and a lack of stakeholder alignment were identified as contributing factors to delays in project approvals and funding.

Chinonso Agbo, program ,anager at PACE, said during the workshop that MRV was “the missing link between projects and finance,” emphasising the need for reliable measurement to convert climate aspirations into investment opportunities.

Delivering the workshop’s technical lead presentation, Dr Mrs Bekeme Olowola, chief executive of FuelTree and a Lead Facilitator of the engagement, emphasised the central role of data integrity in the future of carbon markets.

She said,

“Carbon markets ultimately run on confidence. Investors, regulators, buyers and communities must all trust that the impact being claimed is real. That trust does not begin with carbon credits. It begins with credible data, transparent systems and verifiable outcomes. If Nigeria gets MRV right, we can unlock climate finance at a scale that transforms both livelihoods and energy access.”

The workshop explored a wide range of issues affecting the future of clean cooking MRV in Nigeria, including interoperability between platforms, alignment with local and international certification frameworks, gender inclusion, last-mile delivery considerations, onboarding pathways for project developers, e-cooking opportunities, offline functionality requirements and practical implementation costs.

A key theme that emerged was the need to promote indigenous innovation and create pathways for Nigerian-developed clean cooking and MRV technologies to compete at regional and global levels.

Similarly, stakeholders converged on interoperability being a key principle that will guide the sector in Nigeria to allow for different technology providers and project developers to plug into the national framework to drive market activities.

In his remarks, Engr. Ega Ijachi, who represented SON, stated that standards will play critical role in helping build assurance across the ecosystem, and there are existing standards like Nigeria biomass standards that will fit into national plans towards convergence of continental and international quality management systems.

Discussions during the workshop also took place on improving institutional coordination along varieties of topics, ranging from carbon registries, governance and approvals process, along with needed capacity building for regulators and project developers.

On his part, Dr Ewah Eleri, founder/chief executive officer, ICEED, reiterated the need for stakeholders to work together if we must have a sustainable carbon market ecosystem.

“Nigeria has the opportunity to build a carbon market architecture that reflects our realities while meeting international expectations. Achieving that will require collaboration between regulators, project developers, standards bodies, technology providers and investors. Strong MRV systems are not merely a reporting requirement; they are a foundation for market confidence, climate integrity and sustainable growth.”

The quality and diversity of participation further demonstrated the importance of the conversation. Participants included representatives from the Energy Commission of Nigeria (ECN), Standards Organisation of Nigeria (SON), Federal Ministry of Petroleum Resources, Federal Ministry of Women Affairs and Social Development, Federal Ministry of Environment, Renewable Energy Association of Nigeria (REAN), Shehu Musa Yar’Adua Foundation, and several leading clean cooking, renewable energy, technology and carbon market organisations including BURN, UpEnergy, Solar Sister, Roshan Renewables, Femabol Energy, and others.

The workshop concluded with broad consensus around several priority actions, including promoting interoperability, strengthening standards alignment, supporting local innovation, improving stakeholder knowledge and capacity, and developing the institutional frameworks necessary to support a thriving Nigerian carbon market.

The engagement forms part of an ongoing collaboration between FuelTree, PACE and ICEED to strengthen Nigeria’s clean cooking and carbon market ecosystem and contribute to the country’s energy transition and climate finance objectives

The exclusive forum themed, “Trade Policy and Regulatory Framework in Nigeria: Recent Development and Implications,” held on 20 June 2025.

The forum marked a significant milestone in Stanbic IBTC Bank’s commitment to fostering collaborative platforms that drive industry growth and innovation.

The event successfully united top CIB Trade clients with senior executives from the Central Bank of Nigeria (CBN), the Standards Organisation of Nigeria (SON), and the Nigeria Customs Service (NCS), creating opportunities for cross-sectoral dialogue.

Through a carefully curated panel session featuring both Stanbic IBTC leadership and notable industry speakers, participants engaged in robust discussions on topical developments shaping Nigeria’s trade landscape.

Eric Fajemisin, executive director, Corporate and Investment Banking, Stanbic IBTC Bank, emphasised:

“This forum represents our unwavering commitment to being at the forefront of industry thought leadership. By bringing together regulators, clients, and industry experts under one roof, we’ve created a unique ecosystem for knowledge sharing and strategic partnership development.”

The forum delivered exceptional results across multiple strategic objectives. The event successfully fostered stronger relationships between Stanbic IBTC Bank and its key clients, providing opportunities to address industry challenges collaboratively.

With delegates from CBN, SON, and Nigeria Customs Service in attendance, the forum created valuable opportunities for private sector-regulatory alignment, contributing to more effective trade finance practices.

Participants gained access to valuable insights on emerging trends, regulatory updates, and best practices in trade finance, enhancing their strategic decision-making capabilities.

The networking sessions generated multiple opportunities for new partnerships and business development, positioning Stanbic IBTC Bank for expanded market engagement.

Jesuseun Fatoyinbo, Head, Transaction Banking, Stanbic IBTC Bank, stated, “Today’s forum exemplifies our dedication to fostering meaningful partnerships within the trade finance sector. By creating a platform for open dialogue between industry leaders and regulators, we are empowering our clients to navigate the evolving landscape with confidence. At Stanbic IBTC Bank, we remain committed to driving innovation and collaboration that not only enhances our services but also strengthens the entire ecosystem for sustainable growth in Nigeria.”

The forum’s success has positioned Stanbic IBTC Bank as the definitive thought leader in Nigeria’s trade finance sector, demonstrating the bank’s commitment to creating top-of-mind experiences that drive client loyalty and industry advancement. The collaborative approach shown during the event has set a new standard for industry engagement and stakeholder collaboration.

Building on the overwhelming success of this inaugural forum, Stanbic IBTC Bank plans to make this an annual flagship event, continuing to provide platforms for industry leaders to collaborate, learn, and drive sustainable growth in Nigeria’s trade finance ecosystem.

The forum reinforced Stanbic IBTC Bank’s position as a leader in creating strategic platforms where clients can network, collaborate, and drive mutual growth.

Air conditioners are among the highest energy-consuming appliances, accounting for over 40 percent of household electricity usage and much of that is wasted due to outdated technology, which is common, locally.

This newly approved standard, aligned with international best practices, will help ensure that Nigeria is home to modern appliances which use electricity more optimally than outdated models with power savings that can be redirected to other sectors of the economy.

The standard also helps ensure that more climate-friendly refrigerant gasses are used in the equipment, consistent with the Government’s Nationally Determined Contribution (NDC) to the Paris Climate Agreement.

The new standard was developed under the project “Scaling Up Energy-Efficient and Climate-Friendly Cooling in Nigeria’s NDC Revision” implemented by the Energy Commission of Nigeria (ECN) with technical support from the United Nations Environment Programme’s (UNEP) United for Efficiency (U4E) team and funding from the Clean Cooling Collaborative (CCC), and in collaboration with the Standards Organisation of Nigeria (SON).

The MEPS will be implemented in phases, enhancing energy efficiency and transitioning refrigerant gasses used in the equipment.

Three efficiency steps will come into effect over time using the Nigeria Seasonal Energy Efficiency Ratio (NSEER), an international test method tailored for local weather conditions.

From a current performance baseline, energy efficiency must improve 6% by 2026, 36% by 2029, and 48% by 2031.

“Nigeria’s new energy efficiency standard for air conditioners, set to save 11.5 TWh of energy annually by 2040, are a game-changer for Africa. By reducing energy consumption and emissions by 39 million tonnes of CO₂ over the next 15 years, Nigeria is not only lowering costs for consumers but also leading the way toward a more sustainable and greener economy for the continent,” said Dr. Rose Mwebaza, Africa director and regional representative, UNEP.

The transition to climate-friendly refrigerants will also be guided by an upper limit on global warming potential, set to take effect in 2029.

Commenting on this development, Dr. Mustapha Abdullahi, the director-general of the ECN, described the newly approved MEPS as a game changer.

“For ECN, we believe that many Nigerians are paying excessive amounts for operating cooling systems. By setting an efficient standard for air conditioning, we are taking steps make use of this vital equipment more affordable and accessible while caring for the environment.”

Following approval of the MEPS, the ECN Director-General emphasized that enforcement would be key. This includes ensuring that labels are provided to manufacturers and importers of air conditioning systems, a process that is currently under discussion by the government He also highlighted the importance of raising awareness among Nigerians about the benefits of energy-efficient products, helping consumers make informed decisions about their energy use.

“The people who consume large amount of electricity, need to understand the benefits of purchasing energy-efficient and climate friendly air conditioning systems.  To enhance awareness campaigns, the ECN plans to expand its outreach to sub-national regions, educating consumers about the new MEPS and the impact of their current energy usage on electricity costs. We will also engage vendors, assemblers, and marketers to present solutions,” said  Dr. Mustapha Abdullahi.

“In fact, we are already taking action. We recently held a meeting with Daikin which is one of the largest air conditioner manufacturers globally. Like many companies operating in Nigeria, Daikin recognizes the importance of adopting and enforcing the new MEPS and labelling. Given the size of Nigeria’s market, aligning with rigorous international requirements ensures consistency and competitiveness. We are confident based on our in-depth market review and consultations with industry that by 2026, all air conditioners entering the country will meet the standard set by the ECN and SON in collaboration with UNEP U4E. This is a significant step in addressing one of the major challenges in the power sector – reducing energy waste in an affordable manner for consumers and mitigating greenhouse gas emissions” said Abdullahi.

Abdullahi further emphasised that the government remains committed to driving the energy efficiency agenda and promoting environmentally sustainability in the cooling sector.  He also revealed that plans to develop a standard and labelling for refrigeration appliances, currently the second-largest consumers of household energy in Nigeria, are already underway.

“UNEP U4E is proud of this accomplishment following years of hard work supporting the Federal Government of Nigeria in its pursuit of sustainable cooling and environmental solutions. We look forward to building on this solid foundation to address additional opportunities around new products and proper training on handling of equipment at the end of its useful life. Alongside regulatory efforts, we are supporting a new consumer finance programme with UNDP to help make the most efficient products more affordable and accessible through the newly launched AGORA project,” noted Brian Holuj, Programme Manager of UNEP U4E.

“As Africa’s largest cooling market and one of the fastest-growing cooling markets in the world, Nigeria’s new standard are a big deal and will ensure that every new air conditioner sold is an efficient one and that the country is no longer a dumping ground for energy-wasting models,” said Noah Horowitz, senior director of the Clean Cooling Collaborative which provided funding support for this work.

“By significantly reducing cooling-related energy consumption, this standard will not only reduce greenhouse gas emissions but also lower household utility bills across the country, and we hope this bold action serves as a blueprint for other nations in the region to follow.”

The Minister of State made this statement at the SON 50th Anniversary celebration in Abuja.

She noted that 50 years was a long time in the life of an organization in Nigeria especially given the fact that the country’s existence as an independent country was only 12 years longer.

“SON must therefore be one of the oldest government institutions in Nigeria. This anniversary is undoubtedly a milestone worth celebrating. In addition, the steady growth of the Organisation from its humble beginnings to becoming the Apex Standards Body in Nigeria, with constitutional responsibilities, is also remarkable and worth celebrating”, she said.

While congratulating the organization, Ambassador Katagum said “in acknowledgment of its consistent implementation of reforms aimed at making its services more easily accessible to the public, SON has been ranked first in the Ease of Doing Business by the Presidential Enabling Business Environment Council (PEBEC).

She went on to note that,” the organization also recently received an Award from the National Information and Technology Development Agency (NITDA) for Ease of Doing Business in the Information Technology Sector. These two recognitions are no doubt fitting anniversary gifts which will of course challenge the organization to keep up its good work, she said.

The Director General of SON, Mallam Farouk Salim explained that SON is working with the National Assembly to ensure the review of the agency’s Act and appealed for speedy facilitation of the process.

While acknowledging the achievements and strides of SON in the last 50 years, Mallam Farouk Salim said his vision for the Organization in the next 50 years is to be the foremost standardization body in Africa and among the top-ranking globally.

The SON helmsman explained that while this vision is achievable, the Organisation would need to surmount several challenges to achieve it.

In a goodwill message, the Minister of State for Works and Housing, Alhaji Umar El-Yakub said SON has changed the story of “Made in Nigeria” goods.

Representatives of the Nigeria Customs Service, National Agency for Food and Drugs Administration and Control (NAFDAC), and the Manufacturers Association of Nigeria (MAN) commended SON on efforts to ensure the eradication of substandard products.

The highlight of the event was the Launch of the SON Compendium and the Presentation of Awards to deserving members of staff and SON State Offices.

The Head, SMEs Desk, Engr. Pheabean O. S. Arumemi won the “Director General’s Award for Special Contribution”, while Mrs. Amina Haliru, Assistant Chief Standards Officer/ Head, Halal Desk won the award for “ Outstanding Staff”.

The award for “Most Efficient State” was won by SON Rivers State office and was received by the Acting Director, South-South Directorate, Engr, Samuel Ayuba.

SON’s Ogun State office 1, won double awards for Improved Percentage for Service Income and Most Effective State Office, the South – West Regional Director, Mrs. Yeside Akinlabi, and the State Coordinator, Ogun State Office, Mr.Jerome Otene Umoru were on hand to receive the award.

SON’s Ogun State office received the award for the” State with the Highest Number of New Products Identified for MANCAP” the award received by the State Coordinator, Engr. Danmola Abayomi, supported by his Regional Director.

The event ended with an exhibition to showcase the products of Companies that have consistently maintained quality.

The 50th Anniversary Celebration continues with Regional Exhibitions of Made – in – Nigeria products in Lagos, Kaduna, Port Harcourt, and Kano. There will also be a special program for the recognition of deserving Companies in Lagos on the 6th of December 2022.

Mallam Farouk Salim, Director General of SON, disclosed this on Wednesday in Abuja at a media briefing to mark the 50th-anniversary celebration of SON.

Salim explained that the provisions of the proposed law would not only stipulate that the importers and manufacturers of sub-standard products be fined but also jailed on conviction by the court.

He said SON is poised to fight against counterfeit and sub-standard products across the country, adding that “any time Nigerians buy sub-standard products, they are aiding and abetting the closure of Nigerian industries and helping the youths to be unemployed.”

Commenting further on the effects of sub-standard products on the economy, Salim said the importers of counterfeit products contribute to the present insecurity in the country, as their activities have led to the collapse of industries in Nigeria.

It would be recalled that the Act establishing the Standards Organisation of Nigeria was last amended in 2015.

He said, Before 2015, the penalties were not very clear in the Act. So, the amendment has empowered us for conformity assessment.

“The reason we always amend the Act is that the world is evolving and industries are are always changing

He said SON is poised to fight against counterfeit and sub-standard products across the country, adding that “any time Nigerians buy sub-standard products, they are aiding and abetting the closure of Nigerian industries and helping the youths to be unemployed.”

Commenting further on the effects of sub-standard products on the economy, Salim said the importers of counterfeit products contribute to the present insecurity in the country,as their activities have led to the collapse of industries in Nigeria.

The people following the rules are also changing. Hopefully, before the tenure of this administration, we will have another amendment that will be presented to the National Assembly.

“For example, in 2015, the penalty for importing sub-standard products was N1 million and N1 million now, is not significant.

“Most of these people importing these products are not poor, they are rich.

“In the industry where people break the rules, it is the consequences that stop them.

“So, we need to amend the Act to increase the jail term or give them the right to fine and make sure that jail term is added to it.”

On the activities of SON over the last 50 years of its existence, Salim said the organisation has gone through a lot of transformation and evolved to become a standards regulatory body of global recognition.

According to him, “It is important to emphasise that SON today has evolved into one of the world’s most reputable standards regulatory bodies due to good leadership demonstrated by the successive Chief Executives.

“This is seen in the various innovations, championed by the past and present leaders of the organization.

“Some of the notable innovations over time in the Organisation are the Mandatory Conformity Assessment Programme (MANCAP) for local manufacturing and Standards Organisation of Nigeria Conformity Assessment Programme (SONCAP) for offshore assessment of cargoes.

Speaking further on the milestones recorded by SON, he said: “To further demonstrate its desire for a more effective standardisation process, the Federal Government introduced the first ever Nigerian National Standardisation Strategy (NNSS) 2020 – 2022 as part of its economic diversification policy.

The strategy, which was developed by the Standards Organisation of Nigeria (SON), is designed to identify priority areas to focus on, based on national needs assessment.

The SON Governing Council recently approved 168 new Standards for publication and dissemination to various sectors of the nation’s economy in furtherance of the ongoing economic diversification policy.

Currently, SON is structured to lead every process that surrounds the preparation of standards relating to products, measurements, materials, and processes among others, and their promotion at the national, regional, and international levels.

“Working within the provisions of the Enabling Act, SON under my leadership, SON has been able to, through the Standards Council, designate, establish, and approve standards in respect of metrology, materials, commodities, structures, and processes for the certification of products in commerce and industry throughout Nigeria.

“SON is a member of international constellations of standards regulators such as the International Organization for Standardization (ISO).

“Upon assumption of duty in September 2020, we have set some goals to make the Organisation to effectively deliver its mandate.

“So far, we have been able to facilitate the return of SON to the Ports and ensure the election of Nigeria into the standards management committee of the African Organisation for Standardisation (ARSO), among others.”

It would be recalled that SON was established in 1970 with the creation of the Nigeria Standards Organisation (NSO) as a Department under the Federal Ministry of Industry, Trade and Investment.
It was later established as an Organisation in 1971 by Decree No 56 of 1971.

It was charged with the responsibility of establishing and elaborating standards for products and processes. In addition to this role, it was created to ensure compliance with the Federal Government policies on standards and quality control of both locally manufactured