…Says Energy Transition Offers $410bn Investment
The Vice President, Senator Kashim Shettima, has declared that the country would need over $23bn to expand energy access and connect millions of Nigerians still living in energy poverty.
Shettima, who spoke in Abuja on Tuesday during the flag-off of the Nigeria Renewable Energy Innovation Forum (NREIF) 2025, said Nigeria’s energy transition presents an investment opportunity of over $410bn between now and 2060.
NREIF 2025 is an initiative designed to foster collaboration among policymakers, investors, entrepreneurs, and innovators in the country’s clean energy sector.
It was organised by the Rural Electrification Agency (REA), an agency under the Federal Ministry of Power.
He said, “This is an invitation to establish Nigeria as the hub for renewable energy manufacturing in Africa. Nigeria’s energy transition presents an investment opportunity of over 410 billion U.S. dollars between now and 2060.
“Of this, more than 23 billion dollars is required 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.’’
Shettima said Nigeria’s path to achieving a sustainable energy future must be driven not only by ambitious policies but also by the ability to transform ideas into practical solutions that guarantee availability, affordability and sustainability for every Nigerian.
The VP said the country’s grand ambition under the Nigeria Energy Transition Plan is to deliver a power system capable of generating 277 gigawatts of total installed capacity by 2060.
This, according to him, demands significant investment, innovation and local capacity development.
“Beyond access lies our grander ambition to deliver a power system capable of 277 gigawatts by 2060. This ambition demands more than investment. It demands innovation, local capacity and commitment,” Shettima said.
Shettima announced that over $400 million in new investment commitments had been mobilised into Nigeria’s renewable energy manufacturing value chain through engagements facilitated by the forum.
These investments, he said, would fund the establishment of solar panels, smart meters, battery storage and recycling facilities, projected to create over 1,500 direct jobs across multiple states.
The Vice President commended the Federal Ministry of Power for its policy reforms aimed at decentralising and liberalising the electricity market, and the Rural Electrification Agency (REA) for translating those policies into tangible impact across rural communities.
Earlier, the Minister of Power, Chief Adebayo Adelabu, had disclosed that the forum would help Nigeria to achieve its renewable energy and energy transition goals through strategic partnerships.
The minister said that the country was on the track to achieve nearly four gigawatts per annum of solar manufacturing capacity.
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