UNGA 2025: Shettima showcases $200bn energy transition opportunity

By Kunle Sanni –

Vice President Kashim Shettima has presented Nigeria’s $200 billion energy transition opportunity to global investors, calling for stronger partnerships to harness the country’s vast economic potential.

Speaking at a roundtable organized by the Business Council for International Understanding (BCIU) on the sidelines of the 80th United Nations General Assembly, Shettima described Nigeria as a “natural hub” for the African Continental Free Trade Area’s (AfCFTA) $3.4 trillion market.

He noted that Nigeria’s economic reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda are already yielding results, citing improved sovereign credit ratings by Fitch and Moody’s, stronger external reserves, moderating inflation, and renewed investor commitments.

“Since mid-2023, Nigeria has embarked on one of the boldest economic resets in its history,” the Vice President stated, referencing key reforms such as exchange rate unification, the removal of fuel subsidies, modernization of the tax and customs regimes, and a comprehensive overhaul of trade and investment policies.

Shettima highlighted Nigeria’s demographic advantage, with its population of 236 million projected to reach 320 million by 2040, and a youthful demographic—58 percent of whom are under 30. He also emphasized the country’s wealth of natural resources, fast-growing tech ecosystem, and expanding creative and healthcare industries.

On energy, the Vice President said Nigeria’s 210 trillion cubic feet of proven gas reserves and abundant solar potential represent a $200 billion opportunity across both conventional and renewable energy sectors. He assured investors of fiscal incentives, VAT waivers, and protections for cross-border capital flows.

He further noted that infrastructure development—including metro lines, dry ports, and industrial corridors, funded through a mix of sovereign and private financing—is laying the groundwork for long-term growth.

Also speaking at the event, the Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole, echoed the Vice President’s remarks, stating that Nigeria has attracted over $50 billion in investment interest since the implementation of President Tinubu’s reforms.