Nigeria is on course to unlock an investment opportunity worth over $410 billion between now and 2060 as part of its ambitious plan to become Africa’s renewable energy hub, Vice President Kashim Shettima said on Tuesday in Abuja.
Declaring open the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025, the Vice President said the country’s energy transition under President Bola Ahmed Tinubu is being structured to attract massive investments, expand access, and create a self-sustaining clean energy market that will power homes, industries, and innovation across the federation.
According to a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said over $23 billion will be required to bridge Nigeria’s energy access gap and connect millions still living in energy poverty, even as the administration targets a total installed capacity of 277 gigawatts by 2060.
‘We are blessed with the minerals that power clean technologies, and Nigeria brings to the table youth, ambition, and untapped renewable potential. Let us seize this moment and affirm that Nigeria is ready to harness her resources, unlock her capital, and become the vibrant heartbeat of Africa’s renewable energy revolution’, the Vice President said.
Shettima, who represented President Tinubu, assured investors and development partners of the administration’s commitment to deepening policy reforms that would de-risk private capital, promote local manufacturing, and strengthen the renewable energy value chain.
‘We are enhancing incentives for local manufacturing, streamlining regulatory frameworks, and deepening collaboration with state governments and investors to accelerate the emergence of a self-sustaining renewable energy market,’ he stated.
He explained that the administration’s ‘Nigeria First’ industrial strategy envisions localised renewable energy supply chains, from solar panel assembly plants in Lagos to battery recycling hubs across industrial corridors, positioning Nigeria not only as a participant but a leader in Africa’s clean energy future.
The Vice President announced that more than $400 million in new investment commitments had been mobilised under the forum, covering solar panels, smart meters, battery storage, and recycling facilities, which are expected to create over 1,500 direct jobs across multiple states.
‘The Ministry of Power is working on policies that will lay the foundation for a more decentralised, competitive, and inclusive electricity market,’ he disclosed, calling on development partners and Original Equipment Manufacturers (OEMs) to localise technologies and invest in skills and knowledge transfer.
Shettima also urged governors to drive the establishment of renewable industrial clusters that will serve as engines of green growth across the federation.
Earlier, Minister of Power, Chief Adebayo Adelabu, said the forum marks a new chapter in Nigeria’s energy transformation, aligning innovation with investment to achieve large-scale local solar production and energy diversification.
He explained that the Integrated National Electricity Policy under President Tinubu provides a comprehensive framework to decentralise the sector, strengthen reforms, and unlock private capital for sustainable growth.
Managing Director of the Rural Electrification Agency (REA), Mallam Abba Aliyu, said the NREIF bridges policy with research to fast-track Nigeria’s transition toward a sustainable green energy ecosystem, stressing that Africa must not be left behind in the global clean energy race.
In a goodwill message, UN Deputy Secretary-General Amina Mohammed, represented by Mohammed M. Malick Fall, the UN Resident Coordinator in Nigeria, pledged the UN’s commitment to supporting Nigeria’s renewable energy agenda, noting that the forum exemplifies Africa’s determination to power homes, schools, and industries through clean energy.
Also speaking, the Dutch Ambassador to Nigeria, Bengt van Loosdrecht, reaffirmed the Netherlands’ partnership with Nigeria in renewable energy development, describing the forum as ‘a milestone in the deepening of bilateral cooperation.’
In the presence of the Vice President, the Governors of Jigawa, Bayelsa, and Ogun States, along with the REA and other agencies, signed several multi-million-dollar Memoranda of Understanding (MoUs) with private sector players and development partners, including the Dutch government, aimed at expanding Nigeria’s renewable energy manufacturing base.