FG eyes $400m for renewable energy manufacturing
By Olakunle Oke
The Federal Government has announced plans to formalise over $400 million in new renewable energy investments within the next two days.
Vice President Kashim Shettima made the disclosure on Tuesday at the inaugural Nigerian Renewable Energy Innovation Forum 2025 held in Abuja.
Speaking, he said the move is part of ongoing efforts to deepen local manufacturing, enhance innovation, and reduce the nation’s dependence on imported solar panels and components.
According to Shettima, the investment commitments mobilised through engagements facilitated by the forum will fund the establishment of solar panel assembly plants, smart meter production lines, as well as battery storage and recycling facilities across several states.
“Over the next two days, agreements will be signed, partnerships will be forged, and a national roadmap consolidated,” the Vice President said. “Through engagements under this forum, more than $400 million in new investment commitments have been mobilised into Nigeria’s renewable energy manufacturing value chain.”
He added that the projects are expected to create over 1,500 direct jobs nationwide, reflecting growing investor confidence in Nigeria’s clean energy industrialisation drive. “We must ensure that the outcomes of this forum are translated into factories, jobs, electrified schools, thriving rural enterprises, and resilient communities powered by clean energy,” he stated.
Shettima emphasised that the success of Nigeria’s energy transition would be measured not by policy ambition but by the country’s ability to deliver practical, affordable, and sustainable energy solutions for its citizens.
He revealed that Nigeria’s energy transition presents an investment opportunity of over $410 billion between now and 2060, with $23 billion required in the short term to expand access to electricity for millions still living in energy poverty.
Beyond energy access, the Federal Government’s long-term target is to develop a power system capable of generating 277 gigawatts of installed capacity by 2060, anchored on innovation, investment, and local content.
“This ambition demands more than investment; it demands innovation, local capacity, and commitment,” Shettima noted. “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 Bola Tinubu’s commitment to consolidating energy transition policies by enhancing incentives for local manufacturing, streamlining regulations, and strengthening collaboration with state governments, investors, and development partners.
Shettima commended the Federal Ministry of Power and the Rural Electrification Agency (REA) for promoting decentralised and inclusive energy policies that have expanded access to underserved communities.
He also urged state governments and the private sector to champion renewable energy initiatives and drive green industrial growth across the federation.
“Nigeria has the minerals, manpower, and market potential to lead Africa’s clean energy revolution,” the Vice President declared. “We have too much at stake to be left behind. Nigeria is ready to harness her resources, unlock her capital, and lead Africa’s green industrial revolution.”
Shettima further assured Nigerians that the current economic challenges are temporary, expressing confidence that ongoing reforms will soon yield sustainable growth and stability.
“Our economy has turned the corner,” he said. “The pains of saturation will soon be over. We are on a path to sustainable growth, and there is a silver lining on the horizon.”