The Federal Government has disclosed plans to secure over $400 million in new renewable energy investments within the next two days as part of efforts to strengthen Nigeria’s clean energy manufacturing value chain.
Vice President Kashim Shettima made this known on Tuesday during the Nigerian Renewable Energy Innovation Forum 2025 held in Abuja. He said the investments, facilitated through the forum’s engagements, will fund the establishment of solar panel assembly plants, smart meter production lines, and battery storage and recycling facilities across several states.
According to Shettima, the initiative aims to boost local production capacity and reduce dependence on imported solar panels, in line with the administration’s Nigeria First policy.
“Over the next two days, agreements will be signed, partnerships will be forged and a national roadmap consolidated,” he said. “Through engagements facilitated under this forum, more than $400 million in new investment commitments have been mobilised into Nigeria’s renewable energy manufacturing value chain.”
The Vice President added that the projects are expected to create over 1,500 direct jobs and demonstrate growing global confidence in Nigeria’s clean energy industrialisation efforts.
“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,” he noted, adding that the forum must produce tangible outcomes like factories, electrified schools, and thriving rural enterprises powered by clean energy.
Shettima emphasised that the success of Nigeria’s energy transition would depend not on lofty projections but on the country’s ability to deliver practical, affordable, and sustainable energy solutions to its citizens.
The forum, themed “Implementing the Nigeria PACE Policy: Facilitating Local Content Development and Manufacturing in the Renewable Energy Ecosystem,” was designed to foster local innovation and industrial participation in the clean energy transition.
Highlighting the investment potential in the sector, Shettima said Nigeria’s energy transition represents a $410 billion opportunity by 2060, with $23 billion required in the short term to expand energy access and connect millions still living without electricity.
“This is an invitation to establish Nigeria as the hub for renewable energy manufacturing in Africa,” he 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 Bola Tinubu’s commitment to policies that encourage local manufacturing, streamline regulatory frameworks, and deepen collaboration with investors, state governments, and development partners.
Shettima praised the Federal Ministry of Power and the Rural Electrification Agency for advancing decentralised and inclusive energy initiatives, stressing that private sector participation and subnational collaboration are key to achieving national energy goals.
He urged state governments and investors to drive renewable energy industrialisation through technology localisation, skills development, and value chain expansion.
“We count on our state governments to champion renewable energy industrial processes and serve as engines of green growth across the federation,” he stated. “This forum must prove that it is here for action, not mere deliberations.”
The Vice President affirmed that Nigeria possesses the minerals, manpower, and market size to lead Africa’s clean energy revolution, describing the nation’s youthful population as its greatest asset.
“We have too much at stake to be left behind,” he said. “Nigeria is ready to harness her resources, unlock her capital, and lead Africa’s green industrial revolution.”
Shettima also assured Nigerians that the ongoing economic challenges were temporary, expressing confidence that government reforms were steering the economy toward sustainable growth and stability.
“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.”