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From Juliana Taiwo-Obalonye, Abuja
Vice President, Kashim Shettima, has announced Nigeria’s ambitious plan to unlock over $410 billion in investments by 2060 as part of the country’s transition to renewable energy, aiming to become the central player in Africa’s clean energy revolution.
Speaking on Tuesday in Abuja at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025, Shettima highlighted the commitment of President Bola Tinubu’s administration to a self-sustaining renewable energy market.
“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.
According to a statement issued by his media aide, Stanley Nkwocha, the Vice President specified that while over $23 billion is required to expand energy access to millions still living in energy poverty, Nigeria’s greater goal is a power system capable of 277 gigawatts by 2060. “This ambition demands more than investment; it demands innovation, local capacity, and commitment,” he added.
Assuring investors and development partners, Shettima said the government is enhancing incentives for local manufacturing, streamlining regulations, and collaborating with states and international partners to reduce risks for private capital.
He explained, “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.”
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Emphasising the ‘Nigeria First’ industrial strategy, he insisted that the future of Africa’s renewable energy supply chains must be anchored locally. “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.”
Shettima also unveiled plans for a more decentralised and competitive electricity market, stressing the importance of private sector participation and urging state governments to champion renewable industrial clusters as engines of green growth across Nigeria.
Highlighting concrete outcomes from the forum, the Vice President announced, “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.”
Minister of Power Chief Adebayo Adelabu called the event a “new chapter” in Nigeria’s energy transformation, citing the government’s multipronged strategy to address structural challenges and unlock private capital in the sector.
Managing Director of the Rural Electrification Agency, Abba Aliyu, described NREIF as a critical platform linking policy and innovation to accelerate Nigeria’s green energy goals.
Representatives of international partners also spoke in support. The UN Deputy Secretary-General, represented by Mohammed Fall, pledged continued collaboration to foster Nigeria’s renewable energy sector leadership in Africa.
Dutch Ambassador Bengt Van Loosdrecht reaffirmed the Netherlands’ partnership, describing the forum as a milestone in bilateral relations.
In a key moment, the Governors of Jigawa, Bayelsa, and Ogun States joined the Vice President and REA management to sign several multi-million-dollar Memorandums of Understanding with the Dutch government and private sector stakeholders.
