Nigeria is set to unlock investment opportunities worth over $410 billion by 2060 as part of efforts to position the country as Africa’s renewable energy hub, Vice President Kashim Shettima has said.
Speaking at the opening of the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025 in Abuja on Tuesday, the Vice President said the energy transition journey under President Bola Ahmed Tinubu’s administration is designed to establish a self-sustaining renewable energy market and drive the country’s industrial transformation.
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According to Shettima, over $23 billion will be required to expand energy access and connect millions of Nigerians still living in energy poverty.
“We are blessed with the minerals that power clean technologies, and Nigeria brings to the table youth, ambition, and untapped renewable potential,” the Vice President said.
“Let us seize this moment. Let us affirm that Nigeria is ready—ready to harness her resources, unlock her capital, and become the vibrant heartbeat of Africa’s renewable energy revolution.”
He explained that Nigeria’s goal is to build a power system capable of delivering 277 gigawatts of total installed capacity by 2060, a target that would require innovation, local capacity, and commitment in addition to financial investments.
Shettima reaffirmed the Tinubu administration’s commitment to consolidating policy frameworks that will attract private sector participation, de-risk investments, and promote local manufacturing within the renewable energy value chain.
“We are enhancing incentives for local manufacturing, streamlining regulatory frameworks, and deepening collaboration with State Governments, investors, and development partners to accelerate the emergence of a self-sustaining renewable energy market,” he said.
Highlighting the administration’s Nigeria First industrial strategy, the Vice President stressed that the country must take the lead in Africa’s renewable energy supply chains — from solar panel assembly lines in Lagos to battery recycling hubs along industrial corridors.
He disclosed that more than $400 million in new investment commitments are being mobilised into Nigeria’s renewable energy manufacturing sector through engagements at the forum. The investments, he noted, will focus on solar panels, smart meters, battery storage, and recycling facilities, and are expected to create over 1,500 direct jobs across multiple states.
The Minister of Power, Chief Adebayo Adelabu, described the forum as a new chapter in Nigeria’s energy transformation pathway, aimed at fostering partnerships and local production capacity. He said the administration’s multipronged approach would address structural challenges in the power sector and unlock private capital through a comprehensive Integrated National Electricity Policy.
The Managing Director of the Rural Electrification Agency (REA), Mallam Abba Aliyu, said the NREIF connects policy and vision with research and innovation, helping Nigeria build a sustainable green energy ecosystem.
Also speaking, the United Nations Deputy Secretary-General, Amina Mohammed, represented by Mohammed M. Malick Fall, reaffirmed the UN’s commitment to support Nigeria in building a vibrant renewable energy sector capable of powering homes, schools, and communities.
Similarly, the Dutch Ambassador to Nigeria, Bengt Van Loosdrecht, described the forum as a milestone in Nigeria–Netherlands energy partnership, pledging his country’s continued support for Nigeria’s renewable energy drive.
During the event, the Governors of Jigawa, Bayelsa, and Ogun States, alongside REA management, signed several multi-million-dollar Memoranda of Understanding (MoUs) with private sector development partners, including the Dutch government, to support renewable energy investments across the country.
