Nigeria’s energy transition blueprint is set to unlock over $410 billion in investments by 2060, as the country positions itself as Africa’s renewable energy hub, Vice President Kashim Shettima disclosed on Monday.
Speaking at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025 held in Abuja, Shettima said the administration is committed to leveraging Nigeria’s vast clean energy resources to drive industrial growth, inclusion, and sustainable development.
“President Tinubu’s administration’s long-term goal is to build a 277-gigawatt power system by 2060, powered by innovation, local manufacturing, and private capital,” Shettima stated.
He noted that an estimated $23 billion will be required in the short term to expand energy access and connect millions of Nigerians still living in energy poverty.
The Vice President said the Federal Government is strengthening incentives for domestic production, simplifying regulatory processes, and deepening partnerships with state governments and international investors to accelerate the country’s transition to clean energy.
“To achieve this, the government is strengthening incentives for domestic production, simplifying regulations, and deepening partnerships with state governments and international investors,” he said.
Shettima added that these reforms are designed to de-risk investment and accelerate the growth of a self-sustaining renewable energy market capable of creating jobs and diversifying the economy.
Shettima revealed that discussions and partnerships facilitated through the NREIF have already attracted over $400 million in new investments into Nigeria’s renewable energy manufacturing value chain, covering solar panel production, smart meters, battery storage, and recycling facilities.
“Through engagement at the forum, over $400 million in new investments have already been mobilized into Nigeria’s renewable energy manufacturing value chain,” he said.
According to him, these projects are projected to create more than 1,500 direct jobs across multiple states, marking a significant milestone in Nigeria’s clean energy transition journey.
The event brought together key stakeholders, including the Minister of Power, Adebayo Adelabu, and the Managing Director of the Rural Electrification Agency (REA), Abba Aliyu, both of whom hailed the forum as a major step toward achieving Nigeria’s renewable energy ambitions.
The forum also witnessed the signing of multi-million-dollar Memoranda of Understanding (MoUs) between Nigerian states, the REA, and international partners such as the Dutch government, symbolizing renewed global confidence in Nigeria’s green energy market.
“This marks a new chapter in Nigeria’s journey towards a secure, inclusive, and green energy future,” Shettima said.
“We are holding discussions on wind power models as we just signed an MoU with the Nigerian Wind Energy Council for small wind infrastructure that is economically viable and within the allowable range,” Aliyu said.