Vice President Kashim Shettima on Tuesday revealed that Nigeria will require over $23 billion to expand energy access and connect millions of citizens still living in energy poverty. The announcement came during the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025 in Abuja.
Shettima emphasized that as the world moves rapidly towards net-zero emissions, Nigeria and Africa must not be left behind. “Nigeria’s energy transition is targeting an investment opportunity of over $410 billion between now and 2060, with over $23 billion needed to expand energy access and connect the millions of Nigerians who still live in energy poverty. But beyond access lies our grander ambition, which is to deliver a power system capable of 277 gigawatts of total installed capacity by 2060. This ambition demands more than investment; it demands innovation, local capacity, and commitment,” he said.
The Vice President assured investors and development partners of President Bola Tinubu’s commitment to strengthening policy frameworks that will cultivate a self-sustaining renewable energy market. “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,” Shettima explained.
Highlighting Nigeria’s “Nigeria First” industrial strategy, Shettima stressed that the country must lead Africa’s renewable energy revolution, from solar panel assembly lines in Lagos to battery recycling hubs along industrial corridors. He called on the private sector, development partners, and OEMs to localize technologies, strengthen value chains, and invest in skills transfer. “We count on our state governments to champion renewable industrial clusters and serve as engines of green growth across the federation,” he added.
Shettima also announced that over $400 million in new investments 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 and reflect growing global confidence in Nigeria’s clean energy industrialization drive,” he said.
Minister of Power Chief Adebayo Adelabu described NREIF as a new chapter in Nigeria’s energy transformation, aimed at strengthening local solar energy production capacity and decentralizing the value chain. He highlighted Nigeria’s need for energy to bridge infrastructure gaps for its 238 million-strong population, far exceeding the current 5GW available on the national grid.
The Managing Director of the Rural Electrification Agency (REA), Abba Aliyu, stressed that the forum links policy with research and accelerates Nigeria’s ambitions to create a sustainable green energy ecosystem. “Africa cannot be left behind in the global energy transition conversation,” he said, noting the continent holds nearly 60% of the world’s best solar resources but attracts less than 3% of global renewable energy investment.
Aliyu highlighted Nigeria’s targets, including achieving net-zero by 2060, delivering 30GW of electricity by 2030 with at least 30% from renewables, and mobilizing over $10 billion in clean energy investments this decade.
UN Deputy Secretary-General Amina Mohammed, represented by UN Resident Coordinator Mohammed Malick Fall, pledged the UN’s support in building a vibrant local energy sector. Dutch Ambassador to Nigeria Bengt Van Loosdrecht reaffirmed the Netherlands as a reliable partner in renewable energy, describing the forum as a “milestone” in bilateral cooperation.
The event also saw the Governors of Jigawa, Bayelsa, and Ogun States, alongside REA management, sign multiple multi-million-dollar MoUs with private sector partners and the Dutch government to advance Nigeria’s renewable energy agenda.
