Nigeria’s transition to clean energy is set to unlock over $410 billion in investment opportunities by 2060, Vice President Senator Kashim Shettima has announced.
Speaking at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025 held in Abuja, the Vice President said the administration of President Bola Ahmed Tinubu is committed to positioning Nigeria as the heartbeat of Africa’s renewable energy revolution.
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According to Shettima, the nation requires more than $23 billion to expand energy access and lift millions of Nigerians out of energy poverty.
The Vice President explained that Nigeria’s energy transition aims to deliver a power system with 277 gigawatts of installed capacity by 2060, driven by innovation, local capacity, and strong investor confidence.
He reassured investors and development partners that President Tinubu’s administration is consolidating policy foundations to build a self-sustaining renewable energy market, with efforts focused on enhancing incentives for local manufacturing, streamlining regulations, and strengthening collaboration with state governments and the private sector.
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Shettima also revealed that through engagements at the NREIF, more than $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 creating over 1,500 direct jobs nationwide.
The Minister of Power, Chief Adebayo Adelabu, described the forum as a “new chapter” in Nigeria’s energy transformation journey, emphasizing that the Federal Government’s integrated electricity policy seeks to unlock private capital and decentralize the power value chain.
Representing the United Nations, Mr. Mohammed M. Malick Fall, who spoke on behalf of UN Deputy Secretary-General Amina Mohammed, pledged the UN’s continued support for Nigeria’s renewable energy drive, describing the initiative as “a bold step toward powering homes, schools, and communities sustainably.”
The Dutch Ambassador to Nigeria, Bengt Van Loosdrecht, also reaffirmed his country’s commitment to Nigeria’s clean energy agenda, calling the forum “a milestone in bilateral renewable energy cooperation.”
The high-level event witnessed the signing of multi-million-dollar Memoranda of Understanding (MoUs) between the Governors of Jigawa, Bayelsa, and Ogun States, the REA, and several private sector and development partners including the Government of the Netherlands to accelerate renewable energy projects across the country.