Nigeria’s power transition blueprint is ready to unlock over $410 billion in investments by 2060, because the nation positions itself as Africa’s renewable power 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 power assets to drive industrial progress, inclusion, and sustainable growth.
“President Tinubu’s administration’s long-term purpose is to construct a 277-gigawatt energy system by 2060, powered by innovation, native manufacturing, and personal capital,” Shettima acknowledged.
Connecting hundreds of thousands of Nigerians dwelling in power poverty
He famous that an estimated $23 billion shall be required within the brief time period to develop power entry and join hundreds of thousands of Nigerians nonetheless dwelling in power 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 power.
“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 power market able to creating jobs and diversifying the economic system.
Over $400 million mobilized into the renewable manufacturing worth chain
Shettima revealed that discussions and partnerships facilitated by the NREIF have already attracted over $400 million in new investments into Nigeria’s renewable power manufacturing worth chain, masking photo voltaic panel manufacturing, good meters, battery storage, and recycling amenities.
“Via engagement on the discussion board, over $400 million in new investments have already been mobilized into Nigeria’s renewable power manufacturing worth chain,” he mentioned.
In response to him, these tasks are projected to create greater than 1,500 direct jobs throughout a number of states, marking a big milestone in Nigeria’s clear power transition journey.
Stakeholders hail the discussion board as a turning level
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 reaching Nigeria’s renewable power 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 international confidence in Nigeria’s inexperienced power market.
“This marks a brand new chapter in Nigeria’s journey in direction of a safe, inclusive, and inexperienced power future,” Shettima mentioned.
What it’s best to know
- Earlier in August, REA’s Managing Director, Abba Aliyu, described photo voltaic power as probably the most economically viable mannequin for powering Nigeria’s rural and concrete communities.
- Talking on Channels Tv’s “Morning Temporary” programme, Aliyu disclosed that the company can be exploring wind, biomass, and different renewable fashions, following the signing of an MoU with the Nigerian Wind Vitality Council to develop small-scale wind infrastructure tasks.
“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 throughout the allowable vary,” Aliyu mentioned.
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