The Federal Government of Nigeria has mobilized over $400 million new investment into the renewable energy manufacturing value chain.
This was announced by the Vice President, Kashim Shettima while declaring open the inaugural Nigeria Renewable Energy Innovation Forum (NREIF) 2025, organised by the Rural Electrification Agency (REA) at Transcorp Hilton on Tuesday in Abuja.
He said: “I am pleased to announce that through the engagements facilitated under this forum, more than $400 million in new investment commitments have been mobilised into Nigeria’s renewable energy manufacturing value chain. This includes solar panels, smart metres, battery storage, and recycling facilities.”
The investments, according to Senator Shettima, are projected to create over 1,500 direct jobs across multiple states and reflect growing global confidence in Nigeria’s clean energy industrialisation drive.
He said the Forum, which is the first of its kind in the country, brings together visionaries, policy makers, entrepreneurs, and investors to rethink and redefine the opportunities of Nigeria’s energy transition.
“This is an invitation to establish Nigeria as a hub for renewable energy manufacturing in Africa,” he added.
The VP stated that Nigeria’s energy transition presents an investment opportunity of over 410 billion U.S. dollars between now and 2060.
Of this, he said 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,” he added.
Shettima, who stated that the world is racing towards net zero and Africa must not be left behind. Urging Nigeria to leverage its abundant Minerals, vibrant youth population, and entrepreneurial potential to seize the moment.
“Let us affirm that Nigeria is ready. Ready to harness our resources, unlock our capital, and become the vibrant heartbeat of Africa’s renewable energy revolution,” he enthused.
To achieve this, according to him, demands innovation, local capacity, and commitment.
“That is why the theme of this year’s forum, Implementing the Nigeria First Policy, Facilitating Local Content Development and Manufacturing in the Renewable Energy Ecosystem, is not only timely but indeed essential.
“Our commitment to a Nigeria-based industrial strategy calls on us to anchor the future of Africa’s renewable energy supply chains right here at home.
“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.
“The federal ministry of power has demonstrated its readiness to steer Nigeria’s energy transition through progressive policies that lead the groundwork for a more decentralised, competitive, and inclusive electricity market.
“I must also commend the Rural Electrification Agency under the able leadership of the MD for translating these policies into tangible impact across our communities, illuminating homes, empowering small businesses, and transforming lives in areas once left behind,” he said.
Shettima assures the gathering of the commitment of President Bola Tinubu, to consolidating these policy foundations while enhancing incentives for local manufacturing, streamlining regulatory frameworks, and deepening collaboration with state governments, investors, and development partners to release private capital and accelerate the emergence of a self-sustaining renewable energy market.
“Our aspirations remain unshaken. We seek to prioritise energy transition, and this ambition cannot thrive without the private sector.
“We need our development partners and original equipment manufacturers to localise technologies, strengthen value chains, and invest in skills and knowledge transfer.
“We count on our state governments, ably represented by three Governors and two Deputy Governors, to champion renewable energy industrial processes and serve as engines of green growth across the Federation.
“The burden upon us is clear, and that is why this forum must prove that it is here for action, not mere deliberations,” he said.
