Nigeria is set to unlock over $400 million in new investments as part of its ambitious plan to become Africa’s hub for renewable energy. Vice President Kashim Shettima announced this at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025 in Abuja on Tuesday, reports The Nation.
Speaking on behalf of President Bola Tinubu, Shettima said the country’s energy transition is being structured to attract major investments, expand access to electricity, and create a self-sustaining clean energy market to power homes, industries, and innovation nationwide.
According to the Vice President’s office, over $23 billion is needed to bridge Nigeria’s energy access gap and connect millions still living without reliable electricity, 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,” Shettima said.
He assured investors and development partners of the administration’s commitment to policy reforms that de-risk private investment, 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 added.
The Vice President highlighted the “Nigeria First” industrial strategy, which envisions localised renewable energy supply chains, from solar panel assembly plants in Lagos to battery recycling hubs across industrial corridors. This strategy aims to position Nigeria as a leader in Africa’s clean energy sector.
He announced that the forum had mobilised over $400 million in investment commitments, covering solar panels, smart meters, battery storage, and recycling facilities, expected to generate more than 1,500 direct jobs across several states. “The Ministry of Power is working on policies that will lay the foundation for a more decentralised, competitive, and inclusive electricity market,” Shettima said, urging development partners and Original Equipment Manufacturers (OEMs) to localise technologies and invest in skills and knowledge transfer.
The Vice President also called on governors to promote renewable industrial clusters as engines of green growth across the country.
Minister of Power, Chief Adebayo Adelabu, described the forum as a new chapter in Nigeria’s energy transformation, highlighting the government’s commitment to large-scale local solar production and energy diversification. Mallam Abba Aliyu, Managing Director of the Rural Electrification Agency (REA), said NREIF bridges policy and research to accelerate Nigeria’s transition to a sustainable green energy ecosystem.
In a goodwill message, UN Deputy Secretary-General Amina Mohammed, represented by UN Resident Coordinator Mohammed M. Malick Fall, pledged support for Nigeria’s renewable energy agenda, noting the forum reflects Africa’s determination to power homes, schools, and industries through clean energy.
The Dutch Ambassador to Nigeria, Bengt van Loosdrecht, also reaffirmed the Netherlands’ partnership with Nigeria in renewable energy, calling the forum “a milestone in the deepening of bilateral cooperation.”
During the event, Vice President Shettima, along with the governors of Jigawa, Bayelsa, and Ogun states, and representatives from 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.
