Nigeria’s vitality transition blueprint is ready to unlock over $410 billion in investments by 2060, because the nation positions itself as Africa’s renewable vitality hub, Vice President Kashim Shettima disclosed on Monday.
Talking on the inaugural Nigerian Renewable Vitality Innovation Discussion board (NREIF) 2025 held in Abuja, Shettima mentioned the administration is dedicated to leveraging Nigeria’s huge clear vitality sources to drive industrial progress, inclusion, and sustainable improvement.
“President Tinubu’s administration’s long-term objective is to construct a 277-gigawatt energy system by 2060, powered by innovation, native manufacturing, and personal capital,” Shettima said.
He famous that an estimated $23 billion might be required within the brief time period to increase vitality entry and join hundreds of thousands of Nigerians nonetheless dwelling in vitality poverty.
The Vice President mentioned the Federal Authorities is strengthening incentives for home manufacturing, simplifying regulatory processes, and deepening partnerships with state governments and worldwide traders to speed up the nation’s transition to scrub vitality.
“To attain this, the federal government is strengthening incentives for home manufacturing, simplifying rules, and deepening partnerships with state governments and worldwide traders,” he mentioned.
Shettima added that these reforms are designed to de-risk funding and speed up the expansion of a self-sustaining renewable vitality market able to creating jobs and diversifying the financial system.
Shettima revealed that discussions and partnerships facilitated via the NREIF have already attracted over $400 million in new investments into Nigeria’s renewable vitality manufacturing worth chain, masking photo voltaic panel manufacturing, sensible meters, battery storage, and recycling services.
“Via engagement on the discussion board, over $400 million in new investments have already been mobilized into Nigeria’s renewable vitality manufacturing worth chain,” he mentioned.
In keeping with him, these initiatives are projected to create greater than 1,500 direct jobs throughout a number of states, marking a big milestone in Nigeria’s clear vitality transition journey.
The occasion introduced collectively key stakeholders, together with the Minister of Power, Adebayo Adelabu, and the Managing Director of the Rural Electrification Company (REA), Abba Aliyu, each of whom hailed the discussion board as a serious step towards attaining Nigeria’s renewable vitality ambitions.
The discussion board additionally witnessed the signing of multi-million-dollar Memoranda of Understanding (MoUs) between Nigerian states, the REA, and worldwide companions such because the Dutch authorities, symbolizing renewed world confidence in Nigeria’s inexperienced vitality market.
“This marks a brand new chapter in Nigeria’s journey in direction of a safe, inclusive, and inexperienced vitality future,” Shettima mentioned.
“We’re holding discussions on wind energy fashions as we simply signed an MoU with the Nigerian Wind Vitality Council for small wind infrastructure that’s economically viable and inside the allowable vary,” Aliyu mentioned.
