Vice President Kashim Shettima has presented Nigeria’s $200 billion energy transition opportunity to investors at the United Nations General Assembly in New York City. At a roundtable hosted by the Business Council for International Understanding, he emphasized the need for partnerships to maximize investment opportunities in the country’s energy sector.
Nigeria boasts 210 trillion cubic feet of gas reserves and one of the highest solar irradiation levels in Africa, making it an attractive destination for energy investments. The Vice President noted that fiscal incentives and VAT waivers are in place to de-risk investments in traditional and renewable power assets, including gas-fired independent power plants, off-grid solar, and clean hydrogen pilots.
Additionally, Shettima highlighted the government’s efforts to address the country’s infrastructure gap, including a $1 billion annual shortfall in transport, ports, and power infrastructure. Through InfraCorp and the Nigeria Sovereign Investment Authority, the government is leveraging sovereign and private finance to fund critical infrastructure projects, such as metro lines, dry ports, and industrial corridors.
The Vice President also emphasized Nigeria’s strategic position as a hub for the African Continental Free Trade Area’s $3.4 trillion market. The country’s sovereign rating by Fitch and Moody’s reflects its improved economic outlook, with reforms aimed at transforming Nigeria into a production floor and innovation lab for Africa.
Nigeria’s mineral sector also offers significant investment opportunities, with 44 commercially viable minerals worth over $700 billion. The Vice President encouraged investors to explore opportunities in lithium, gold, bitumen, and rare earths, which are critical to the global green transition.
The government’s economic reforms, including exchange rate liberalization and tighter monetary policy, have improved macroeconomic credibility and reduced distortions. Fitch Ratings recently upgraded Nigeria’s outlook to Stable, reflecting renewed confidence in the government’s commitment to policy reforms. As Nigeria continues to implement these reforms, it is poised to become an increasingly attractive destination for international investors.
