Nigeria’s Vice President, Senator Kashim Shettima, announced that the country’s energy‑transition journey could unlock more than $410 billion in investment between now and 2060. Speaking at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025 in Abuja, he stressed the need for Nigeria to harness its resources and become a major player in the global energy transition, positioning the nation as a leader in Africa’s renewable‑energy revolution.
Shettima noted that over $23 billion is required to expand energy access and connect the millions of Nigerians still living in energy poverty. He outlined an ambition to deliver a power system with 277 gigawatts of total installed capacity by 2060—a goal that will demand investment, innovation, local capacity, and sustained commitment. He assured investors and development partners of President Bola Tinubu’s dedication to consolidating policy foundations that will create a self‑sustaining renewable‑energy market.
The government is 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 market development. Under the “Nigeria First” industrial strategy, the future of Africa’s renewable‑energy supply chains will be anchored indigenously. Shettima indicated that the Federal Ministry of Power is ready to develop policies that will foster a more decentralized, competitive, and inclusive electricity market. He called on development partners and original equipment manufacturers to localize technologies, strengthen value chains, and invest in skills and knowledge transfer.
The Vice President announced that more than $400 million in new investment commitments are being mobilized into Nigeria’s renewable‑energy manufacturing value chain, covering solar panels, smart meters, battery storage, and recycling facilities. These investments are projected to create over 1,500 direct jobs across multiple states, reflecting growing global confidence in Nigeria’s clean‑energy industrialization drive.
NREIF 2025 marks a new chapter in Nigeria’s energy‑transformation pathway, highlighting the role of innovative partnerships in building significant local solar‑energy production capacity. The event gathered stakeholders such as UN Deputy Secretary‑General Amina Muhammed and Dutch Ambassador Bengt Van Loosdrecht, who pledged collaboration with Nigeria to develop a vibrant local energy sector. The signing of several multi‑million memoranda of understanding between state governments and private‑sector development partners, including the Dutch government, further reinforces Nigeria’s commitment to its energy‑transition journey.
As the country moves forward, it is poised to play a significant role in Africa’s renewable‑energy revolution, unlocking substantial investment opportunities and creating jobs for its citizens.
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