ABUJA – Vice President Kashim Shettima has announced that Nigeria is unlocking over $410 billion in investment opportunities between now and 2060 as part of its strategic drive to become Africa’s leading renewable energy hub.
Speaking in Abuja on Tuesday at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025, Shettima said the energy transition agenda under President Bola Tinubu’s administration is designed not only to address the country’s power challenges but also to position Nigeria at the forefront of Africa’s green energy revolution.
“We are blessed with the minerals that power clean technologies. Nigeria brings to the table youth, ambition, and untapped renewable potential,” Shettima said.
“Let us seize this moment and affirm that Nigeria is ready — ready to harness her resources, unlock her capital, and become the vibrant heartbeat of Africa’s renewable energy revolution.”
The Vice President disclosed that over $23 billion will be required in the short to medium term to expand energy access and lift millions of Nigerians out of energy poverty.
Looking ahead, Shettima outlined a national ambition to build a power system with 277 gigawatts of installed capacity by 2060, a target that would require not only capital investment but also significant innovation, local capacity development, and strong commitment.
Creating a self-sustaining renewable energy market
To support this vision, Shettima assured investors and development partners of the federal government’s resolve to create a conducive policy environment for renewable energy growth.
We are enhancing incentives for local manufacturing, streamlining regulatory frameworks, and deepening collaboration with state governments, investors, and development partners,” he said.
“The goal is to de-risk private capital and accelerate the emergence of a self-sustaining renewable energy market.”
He emphasized the need for Nigeria’s ‘Nigeria First’ industrial strategy to take center stage in Africa’s renewable energy supply chains, stressing that Nigeria must lead in both manufacturing and innovation.
“From solar panel assembly lines in Lagos to battery recycling hubs along our industrial corridors, Nigeria must not only participate in this revolution but lead it,” he added.
The Vice President also highlighted plans by the Federal Ministry of Power to develop policies that will lay the foundation for a more decentralized, competitive, and inclusive electricity market.
Private sector and global partnerships key to transition
Shettima called on the private sector and global partners, including Original Equipment Manufacturers (OEMs), to localize renewable energy technologies and invest in skill development, value chains, and knowledge transfer.
He also urged state governments to champion renewable energy industrial clusters that can serve as engines of green economic growth across Nigeria.
As a key highlight, the Vice President revealed that engagements facilitated through the NREIF have already mobilized over $400 million in new investment commitments across Nigeria’s renewable energy manufacturing value chain. These investments cover areas such as solar panels, smart meters, battery storage, and recycling, and are expected to create over 1,500 direct jobs across several states.
Key stakeholders align on National vision
Also speaking, Minister of Power, Chief Adebayo Adelabu, described the NREIF as a landmark moment in Nigeria’s energy transformation journey, emphasizing its role in attracting local solar production capacity and unlocking private capital.
He said the Federal Government’s Integrated National Electricity Policy will help address longstanding structural challenges and promote decentralization across the energy value chain.
Managing Director of the Rural Electrification Agency (REA), Mallam Abba Aliyu, noted that the forum serves as a critical bridge connecting policy with research, accelerating Nigeria’s ambition to build a sustainable green energy ecosystem.
Representing the United Nations, Resident and Humanitarian Coordinator in Nigeria, Mohammed M. Malick Fall, reaffirmed the UN’s commitment to supporting Nigeria’s renewable energy ambitions.
“This forum embodies global ambition and provides direction for Nigeria to harness its vast renewable energy potential to lead the continent,” he said.
Dutch Ambassador, Bengt Van Loosdrecht, also reaffirmed his country’s continued support, describing the forum as a “milestone” in Nigeria–Netherlands energy cooperation.
During the event, governors of Jigawa, Bayelsa, and Ogun States joined the REA and several private sector development partners — including the Dutch government — to sign multiple multi-million dollar Memoranda of Understanding (MoUs) aimed at boosting renewable energy projects across the country.
