Reported by: Ime Richard Aondofa | Edited by: Henry Owen
Nigeria’s energy transition journey under the administration of President Bola Ahmed Tinubu is projected to unlock over $410 billion in investment opportunities by 2060, according to the Vice President, Senator Kashim Shettima.
Speaking at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025 held in Abuja, the Vice President said the initiative positions Nigeria as the heartbeat of Africa’s renewable energy revolution.
“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,” Shettima declared.
The Vice President highlighted that over $23 billion will be required to expand energy access and connect millions of Nigerians currently living in energy poverty. He further noted that the country’s long-term ambition is to achieve 277 gigawatts of installed power capacity by 2060, an effort that demands not only investment but innovation and strong local capacity.
Shettima assured investors and stakeholders of the Tinubu administration’s commitment to creating a conducive environment for renewable energy development.
“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,” he said.
Under the ‘Nigeria First’ industrial strategy, Shettima emphasized that renewable energy supply chains must be rooted in local capacity building — from solar panel assembly plants in Lagos to battery recycling hubs across industrial corridors.
He also disclosed that the Federal Ministry of Power is developing policies to establish a more decentralized and competitive electricity market, while calling on development partners, Original Equipment Manufacturers (OEMs), and state governments to play active roles in expanding renewable energy infrastructure and localizing technology.
The Vice President revealed that, as a result of engagements facilitated through the NREIF, over $400 million in new investment commitments are being mobilized into Nigeria’s renewable energy manufacturing value chain — including solar panels, smart meters, and battery storage facilities — expected to create more than 1,500 direct jobs across several states.
In his remarks, the Minister of Power, Chief Adebayo Adelabu, described the NREIF as a defining step in Nigeria’s energy transformation journey. He said the government’s approach focuses on unlocking private capital and decentralizing the power value chain, with the Integrated National Electricity Policy serving as the backbone of these reforms.
The Managing Director of the Rural Electrification Agency (REA), Mallam Abba Aliyu, said the forum bridges the gap between policy, research, and vision, enabling Nigeria to build a sustainable green energy ecosystem that aligns with the nation’s development goals.
Also speaking at the event, the United Nations Deputy Secretary-General, Ms. Amina Mohammed, represented by Mohammed M. Malick Fall, reaffirmed the UN’s commitment to supporting Nigeria’s efforts to build a vibrant renewable energy sector capable of powering homes, schools, and industries.
Similarly, the Dutch Ambassador to Nigeria, Bengt Van Loosdrecht, lauded the forum as a milestone in Nigeria–Netherlands collaboration on clean energy and assured continued partnership in driving innovation and sustainability.
During the event, Governors of Jigawa, Bayelsa, and Ogun States, alongside REA officials, signed multiple multi-million-dollar Memoranda of Understanding (MoUs) with international development partners, including the Dutch government, aimed at fast-tracking renewable energy development across Nigeria.
“This forum marks the beginning of a new era — one that defines Nigeria’s leadership in Africa’s clean energy future,” Shettima concluded.
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