ABUJA, Nigeria (VOICE IF NAIJA)-The Federal Government has revealed that over $400 million in new renewable energy investment commitments will be finalised within the next two days to boost Nigeria’s renewable energy manufacturing value chain.
Vice President Kashim Shettima made the announcement on Tuesday at the inaugural Nigerian Renewable Energy Innovation Forum 2025 in Abuja.
He explained that the initiative aims to deepen local manufacturing and innovation in Nigeria’s renewable energy sector.
According to him, the investments secured through engagements facilitated by the forum will support the establishment of solar panel assembly plants, smart meter production lines, and battery storage and recycling facilities across several states.
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He said the move is part of ongoing efforts to reduce reliance on imported solar panels and promote local production under the government’s Nigeria First policy.
“Over the next two days, agreements will be signed, partnerships will be forged and a national roadmap consolidated. I am pleased to announce that through the engagements facilitated under this forum, more than $400m in new investment commitments have been mobilised into Nigeria’s renewable energy manufacturing value chain.
These include solar panels, smart meters, battery storage and recycling facilities,” he stated.
Shettima added that the projects would create over 1,500 direct jobs and reflect growing global confidence in Nigeria’s clean energy industrialisation agenda.
“These investments are projected to create over 1,500 direct jobs across multiple states and reflect growing global confidence in Nigeria’s clean energy industrialisation drive. I am convinced that each of us gathered here is determined to ensure that the outcomes of this forum do not end in communiqués but are translated into factories, jobs, electrified schools, thriving rural enterprises and resilient communities powered by clean energy.”
The Vice President stressed that the success of Nigeria’s energy transition would not be determined by “the arrogance of our policies or the ambition of our projections,” but by the country’s capacity to turn ideas into practical, affordable, and sustainable energy solutions for all Nigerians.
He noted that the forum, themed “Implementing the Nigeria PACE Policy: Facilitating Local Content Development and Manufacturing in the Renewable Energy Ecosystem,” was designed to promote local innovation and industrial involvement in Nigeria’s clean energy transition.
Shettima said Nigeria’s energy transition represents an investment opportunity of more than $410 billion between now and 2060, with $23 billion needed in the short term to improve energy access and connect millions of citizens still living without reliable power.
“This is an invitation to establish Nigeria as the hub for renewable energy manufacturing in Africa. Nigeria’s energy transition presents an investment opportunity of over 410 billion U.S. dollars between now and 2060.
“Of this, more than 23 billion dollars is required to expand energy access and connect the millions of Nigerians who still live in energy poverty. But beyond access lies our grander ambition, which is to deliver a power system capable of 277 gigawatts of total installed capacity by 2060. This ambition demands more than investment.
“This ambition demands more than investment; it demands innovation, local capacity and commitment,” Shettima said.
“From solar panel assembly lines in Lagos to battery recycling hubs along our industrial corridors, Nigeria must not only participate in this revolution, but lead it.”
He reaffirmed President Tinubu’s commitment to strengthening energy transition policies by enhancing incentives for local manufacturers, simplifying regulatory processes, and deepening partnerships with state governments, investors, and development organisations.
The Vice President also commended the Federal Ministry of Power and the Rural Electrification Agency for promoting decentralised and inclusive energy policies that have expanded access to electricity in underserved areas.
Shettima emphasised that Nigeria’s clean energy ambitions depend heavily on private sector participation and the active involvement of subnational governments.
He called on state governments, investors, and partners to localise technology, reinforce value chains, and invest in skills development to accelerate renewable industrialisation.
“We count on our state governments to champion renewable energy industrial processes and serve as engines of green growth across the federation,” he said.
“Over the next two days, agreements will be signed, partnerships forged, and a national roadmap consolidated. This forum must prove that it is here for action, not mere deliberations.”
Reaffirming Nigeria’s capacity to lead Africa’s clean energy revolution, Shettima highlighted the nation’s abundant natural resources, skilled manpower, and strong market potential.
He described Nigeria’s youthful population as its greatest asset, positioning the country as the “vibrant heartbeat of Africa’s renewable energy revolution.”
“We have too much at stake to be left behind,” Shettima said. “Nigeria is ready to harness her resources, unlock her capital and lead Africa’s green industrial revolution.”
He further assured Nigerians that the current economic hardship was temporary, noting that ongoing reforms were already guiding the economy toward long-term stability and growth.
“Our economy has turned the corner. The pains of saturation will soon be over,” he said. “We are on a path to sustainable growth, and there is a silver lining on the horizon.”