Vice president Kashim Shettima has disclosed that Nigeria’s energy transition journey under the President Bola Tinubu administration is unlocking an investment opportunity of over $410 billion between now and 2060.
He made this known on Tuesday at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025, held in Abuja.
Shettima said the investment will position Nigeria as the heartbeat of Africa’s renewable energy revolution.
According to the vice president, over $23 billion i required to expand energy access and connect the millions of Nigerians who still live in energy poverty.
He noted that as the world sails fast towards net zero, Nigeria and Africa must not be left behind.
“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.
“Nigeria’s energy transition is targeting an investment opportunity of over 410 billion dollars between now and 2060, with over 23 billion dollars needed “to expand energy access and connect the millions of Nigerians who still live in energy poverty,” Shettima said.
He pointed out that 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 added.
The vice president assured investors, development partners and other stakeholders at the forum of President Tinubu’s commitment to consolidating policy foundations that would lead to a renewable energy market that is self-sustaining.
“We are enhancing incentives for local manufacturing, streamlining regulatory frameworks, and deepening collaboration with State Governments, investors, and development partners. This is with a view to de-risk private capital and accelerate the emergence of a self-sustaining renewable energy market.
“Nigeria first’ industrial strategy demands that the future of Africa’s renewable energy supply chains be anchored indigenously. 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,” he added.
Shettima said the Ministry of Power is ready to develop policies that would lay the foundation for a more decentralised, competitive, and inclusive electricity market.
He, however, noted that efforts to prioritise energy transition cannot succeed without the private sector.
Shettima, therefore, called on development partners and Original Equipment Manufacturers to localise technologies, strengthen value chains, and invest in skills and knowledge transfer and also urged participants at the forum to reach agreements, forge partnerships and consolidate a national roadmap that would unfold the over $400 million investment in Nigeria’s renewable energy manufacturing value chain into a reality.
Minister of Power, Chief Adebayo Adelabu, said the forum marks a new chapter in Nigeria’s energy transformation pathway that highlights the role of innovative partnership in targeting significant amounts of local solar energy production capacity.
