Nigeria aims to unlock over $410 billion in renewable energy investments between 2025 and 2060, according to Vice President Kashim Shettima. This ambitious goal is part of the country’s energy transition plan under President Bola Tinubu, which seeks to position Nigeria and Africa as key players in the global shift towards net-zero emissions.
Speaking at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025 in Abuja, Shettima emphasized that the initiative will require significant investment, with over $23 billion needed to expand energy access and connect millions of people still living in energy poverty. Nigeria is endowed with minerals that power clean technologies, and the country’s youth, ambition, and untapped renewable potential make it an attractive destination for investors.
The vice president called on stakeholders to seize the opportunity and affirm Nigeria’s readiness to harness its resources and lead Africa’s renewable energy revolution. He announced that over $400 million in new investment commitments have already been mobilized into Nigeria’s renewable energy manufacturing value chain, covering solar panels, smart meters, battery storage, and recycling facilities. These investments are expected to create over 1,500 direct jobs across multiple states.
The Tinubu administration has committed to strengthening policy frameworks that support a self-sustaining renewable market. This includes enhancing incentives for local manufacturing, streamlining regulations, and deepening collaboration with state governments and investors. Shettima urged the private sector and original equipment manufacturers to localize technologies and invest in skills and knowledge transfer.
The Minister of Power, Adebayo Adelabu, described the NREIF as a milestone in Nigeria’s energy transformation journey, while the United Nations Deputy Secretary-General, Amina Mohammed, pledged the UN’s support for Nigeria’s drive to power homes, schools, and communities sustainably. The event also saw the signing of several memoranda of understanding between state governments, the Rural Electrification Agency, and private sector partners, including the Dutch government.
Nigeria’s renewable energy ambitions are significant, with plans to deliver a power system capable of 277 gigawatts by 2060. Achieving this goal will require sustained investment, innovation, and local capacity building. As the country moves forward with its energy transition plan, it is likely to have a profound impact on the global renewable energy landscape and contribute to a more sustainable future for Africa and the world.