Nigeria secures over $400 million in renewable energy investments

Vice President Kashim Shettima has said that Nigeria’s renewable energy manufacturing value chain has attracted over $400 million in new investment commitments.

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Mr Shettima made the disclosure at the opening of the Nigerian Renewable Energy Innovation Forum (NREIF) 2025 in Abuja on Tuesday.

“I am pleased to announce that, through the engagements and partnerships facilitated under this forum, more than $400 million in new investment commitments are being mobilised into Nigeria’s renewable energy manufacturing value chain, spanning solar panels, smart meters, battery storage and recycling,” the vice president said.

According to him, these investments are anticipated to deliver more than 1,500 direct jobs across multiple states, signalling growing global confidence in Nigeria’s clean energy drive.

Mr Shettima observed that Nigeria’s energy transition presents an investment opportunity of $410 billion between now and 2060.

Of this, he said, more than $23 billion is required to expand energy access and connect millions of Nigerians.

“These are not just figures; they are opportunities for job creation, industrial expansion, private capital mobilisation, and inclusive growth,” he added.

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He assured that the federal government remains resolutely committed to consolidating the policy foundations already in place.

“We are enhancing incentives for local manufacturing, streamlining regulatory frameworks, and deepening collaboration with state governments, investors, and development partners to de-risk private capital and accelerate the growth of a self-sustaining renewable energy market,” he said.

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He called on the organised private sector, industrialists, innovators and financiers to join in unlocking the full potential of Nigeria’s energy transition.

“We need our development partners and original equipment manufacturers to localise technologies, strengthen value chains, and invest in skills and knowledge transfer,” he said.

He noted that Nigeria is committed to harnessing its resources, unlocking capital, and becoming the hub of Africa’s renewable energy revolution.

In his remarks, Minister of Power Adebayo Adelabu said to advance Nigeria’s energy transition and access its goals, the federal government is leveraging bilateral funding and development finance to de-risk investments and attract private participation for expansion across underserved and unserved communities, educational institutions, healthcare facilities and government institutions.