- Nigeria is set to attract over $400 million in new renewable energy investments following the NREIF 2025 launch in Abuja.
- Vice President Kashim Shettima said the initiative aims to expand electricity access, boost local manufacturing, and position Nigeria as Africa’s renewable energy hub.
Nigeria will unlock over $400 million in new investments under its ambitious plan to become Africa’s renewable energy hub. Vice President Kashim Shettima announced this on Tuesday, October 14, at the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025 in Abuja.
Speaking for President Bola Tinubu, Shettima said the government has structured the nation’s energy transition to attract major investments, expand electricity access, and build a self-sustaining clean energy market that powers homes, industries, and innovation nationwide.
The Vice President’s office revealed that Nigeria needs over $23 billion to bridge its energy access gap and connect millions of citizens without reliable electricity. The administration aims to achieve a total installed capacity of 277 gigawatts by 2060.
Shettima emphasised Nigeria’s advantage in minerals that power clean technologies, its youthful population and renewable potential. “Nigeria stands ready to harness her resources, unlock her capital, and drive Africa’s renewable energy revolution,” he declared.
Furthermore, he assured investors and development partners that the administration will implement policy reforms to de-risk private investment, promote local manufacturing, and strengthen the renewable energy value chain. “We are enhancing incentives for local manufacturers, streamlining regulations, and deepening collaboration with states and investors to fast-track a self-sustaining renewable energy market,” he said.
Shettima also unveiled the “Nigeria First” industrial strategy, which promotes local renewable energy supply chains, from solar panel assembly plants in Lagos to battery recycling hubs across industrial corridors. The strategy positions Nigeria as a continental leader in clean energy production.
He confirmed that the forum had mobilised over $400 million in investment commitments spanning solar panels, smart meters, battery storage, and recycling facilities, projects expected to create more than 1,500 direct jobs in multiple states. He added that the Ministry of Power is developing policies to establish a decentralised, competitive, and inclusive electricity market.
Shettima urged development partners and Original Equipment Manufacturers (OEMs) to localise technologies and invest in skills and knowledge transfer. He also urged state governors to promote renewable industrial clusters as engines of green growth across the federation.
In addition, Minister of Power, Chief Adebayo Adelabu, described the forum as a new phase in Nigeria’s energy transformation and reaffirmed the government’s dedication to large-scale local solar production and energy diversification. Rural Electrification Agency (REA) Managing Director Mallam Abba Aliyu said the NREIF connects policy and research to accelerate Nigeria’s transition to a sustainable green energy ecosystem.
In a goodwill message, UN Deputy Secretary-General Amina Mohammed, represented by UN Resident Coordinator Mohammed M. Malick Fall, pledged UN support for Nigeria’s renewable energy agenda, noting that the forum embodies Africa’s commitment to powering homes, schools, and industries through clean energy.
Dutch Ambassador to Nigeria Bengt van Loosdrecht reaffirmed the Netherlands’ partnership with Nigeria in renewable energy, calling the forum “a milestone in deepening bilateral cooperation.”
During the event, Shettima joined the governors of Jigawa, Bayelsa, and Ogun States, along with REA representatives and other agencies, to sign several multi-million-dollar Memoranda of Understanding (MoUs) with private sector players and development partners, including the Dutch government, to expand Nigeria’s renewable energy manufacturing base.