Vice President Kashim Shettima has said Nigeria’s energy transition journey under the administration of President Bola Ahmed Tinubu is unlocking an investment opportunity of over $410 billion between now and 2060 to position the nation as the heartbeat of Africa’s renewable energy revolution.
Speaking Tuesday in Abuja when he declared open the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025, the Vice President said over $23 billion will be needed to expand energy access and connect the millions of Nigerians who still live in energy poverty.
He said as the world sails fast towards net zero, Nigeria and Africa must not be left behind.
“We have too much at stake. 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. 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 said.
He said Nigeria’s energy transition is targeting “an investment opportunity of over 410 billion dollars between now and 2060,” with over 23 billion dollars needed “to expand energy access and connect the millions of Nigerians who still live in energy poverty.”
“But beyond access lies our grander ambition, which is to deliver a power system capable of 277 gigawatts of total installed capacity by 2060. This ambition demands more than investment; it demands innovation, local capacity, and commitment,” he said
The Vice President assured investors, development partners and other stakeholders at the forum of President Tinubu’s commitment to consolidating policy foundations that would lead to a renewable energy market that is self-sustaining.
“We are enhancing incentives for local manufacturing, streamlining regulatory frameworks, and deepening collaboration with State Governments, investors, and development partners to de-risk private capital and accelerate the emergence of a self-sustaining renewable energy market.
“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 said.
He said the Federal Ministry of Power is ready to develop policies that would lay the foundation “for a more decentralised, competitive, and inclusive electricity market.”
He said efforts to prioritise energy transition cannot succeed without the private sector, even as he called on development partners and Original Equipment Manufacturers to localise technologies, strengthen value chains, and invest in skills and knowledge transfer.
“We count on our State Governments to champion renewable industrial clusters and serve as engines of green growth across the federation,” he said.
The Vice President urged participants at the maiden Nigerian Renewable Energy Innovation Forum 2025 to reach agreements, forge partnership and consolidate a national roadmap that would unfold the over $400 million investment in Nigeria’s renewable energy manufacturing value chain into a reality.
“I am pleased to announce that through the engagements facilitated under this Forum, more than 400 million dollars in new investment commitments are being mobilised into Nigeria’s renewable energy manufacturing value chain.
“These include solar panels, smart meters, battery storage, and recycling facilities. These investments are projected to create over 1,500 direct jobs across multiple States and reflect growing global confidence in Nigeria’s clean energy industrialisation drive,” he said.
The Minister of Power, Chief Adebayo Adelabu, said the Nigerian Renewable Energy Innovation Forum (NREIF) marks a new chapter in Nigeria’s energy transformation pathway that highlights the role of innovative pathership in targeting significant amount of local solar energy production capacity.
On the Tinubu administration’s efforts in the power sector, the Minister said the federal government’s multipronged approach is aimed at addressing Nigeria’s structural challenges and unlocking private capital, all in the bid to transform the entire energy sector value chain.
He described the Integrated National Electricity policy as a comprehensive sector-wide policy framework that is aimed at strengthening gains recorded in the sector, including the decentralisation of the value chain.
The Managing Director of the Rural Electrification Agency, Mr Abba Aliyu, said the NREIF is a forum that connects policy and vision with research efforts as well as accelerate Nigeria’s aspirations to developing a sustainable green energy ecosystem.
He emhpasised the point that Africa cannot be left behind in the global energy transition conversation, noting that the NREIF is Nigeria’s bold and energetic step towards the actualisation of the country’s goals in global energy transition.
