- MD REA Abba Aliyu said Nigeria needs $410 billion for energy transition and $40 billion to close its electricity access gap.
- He pledged partnership with LPV technologies to localise renewable energy production, boost job creation, and support President Tinubu’s economic strategy.
The Managing Director of the Rural Electrification Agency (REA), Engr. Abba Aliyu has stated that Nigeria needs approximately $410 billion to fully transition to clean energy and at least $40 billion to close its electricity access gap.
Aliyu made this known on Monday, April 28, during a facility tour of LPV Technologies, a solar manufacturing and renewable energy services firm in Lagos. He commended the company’s operations, describing it as one of Nigeria’s most efficient renewable energy factories, and pledged to partner with it to reduce capital flight in the sector.
“LPV Technologies stands out not only for its manufacturing capacity but also for its investment in implementation and talent development. This aligns with President Bola Ahmed Tinubu’s economic strategy to localise production and boost GDP. What LPV is doing is turning a national challenge into a national opportunity,” he said.
Aliyu warned that Nigeria risks missing a major opportunity if it does not scale up investment in decentralised renewable energy.
“Despite having the greatest potential for distributed renewable energy in Africa, Nigeria only created 70,000 jobs in the sector last year, compared to seven million in China out of a global 14 million,” he said. “We must turn our electricity access challenge into a job creation opportunity.”
He reiterated the agency’s commitment to supporting local players and ensuring that Nigeria’s energy transition yields long-term economic benefits through job creation, industrial growth, and local value chains.
LPV Technologies Chairman Nzan Ogbe also underscored the importance of decentralised energy infrastructure in reducing the cost of power across the country. He reaffirmed LPV’s commitment to developing clean, modular energy systems that are resilient, locally adaptable, and easy to deploy.
“The biggest challenge in Africa today is not just corruption; it’s energy security and the fragility around power systems. We are committed to helping solve that,” Ogbe said.