Nigeria targets $410bn investment to become Africa’s renewable energy hub — Shettima

By Kunle Sanni –

Vice President Kashim Shettima has announced that Nigeria’s Energy Transition Plan under President Bola Tinubu’s administration is projected to unlock over $410 billion in investments by 2060, positioning the country as Africa’s leading renewable energy hub.

Shettima made this disclosure on Tuesday in Abuja while declaring open the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025, where stakeholders from government, development agencies, and the private sector gathered to chart a new course for Nigeria’s clean energy future.

According to him, Nigeria will require more than $23 billion to expand energy access and connect millions of citizens currently living in energy poverty. He added that the country’s long-term ambition is to build a power system with 277 gigawatts of total installed capacity by 2060.

“We are blessed with the minerals that power clean technologies, and Nigeria brings to the table youth, ambition, and untapped renewable potential,” Shettima said. “Let us seize this moment and affirm that Nigeria is ready to harness her resources, unlock her capital, and become the vibrant heartbeat of Africa’s renewable energy revolution.”

He further revealed that the inaugural forum had already attracted over $400 million in new investment commitments in Nigeria’s renewable energy manufacturing value chain, covering solar panel production, smart meter assembly, battery storage, and recycling facilities. The projects are expected to generate more than 1,500 direct jobs across multiple states.

Minister of Power, Adebayo Adelabu, described the NREIF as a major step in Nigeria’s energy transformation journey, highlighting the Tinubu administration’s efforts to decentralize the power sector and unlock private capital through an integrated national electricity policy.

Managing Director of the Rural Electrification Agency (REA), Mallam Abba Aliyu, said the forum was designed to connect policy with innovation and accelerate Nigeria’s push for a sustainable green energy ecosystem.

In separate remarks, the UN Deputy Secretary-General, Ms. Amina Mohammed, represented by the UN Resident and Humanitarian Coordinator in Nigeria, Mohammed M. Malick Fall, commended the initiative and pledged the UN’s support for Nigeria’s renewable energy ambitions.