The Federal Government of Nigeria (FG) has mobilized over $400 million in new investment commitments for renewable energy projects, set to be formalized within the next two days, Vice President Kashim Shettima announced on Tuesday at the inaugural Nigerian Renewable Energy Innovation Forum 2025 in Abuja.
Speaking on the theme “Implementing the Nigeria PACE Policy: Facilitating Local Content Development and Manufacturing in the Renewable Energy Ecosystem,” Shettima revealed the deals will fund solar panel assembly plants, smart meter production lines, and battery storage and recycling facilities across multiple states, aiming to curb solar panel imports and align with the Nigeria First policy.
These initiatives are projected to create over 1,500 direct jobs and position Nigeria as a hub for renewable energy manufacturing in Africa.
“Over the next two days, agreements will be signed, partnerships will be forged and a national roadmap consolidated,” Shettima said.
“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.”The Vice President called on state governments, investors, and development partners to localize technology and invest in skills transfer, urging them to champion green growth.
“We count on our state governments to champion renewable energy industrial processes and serve as engines of green growth across the federation,” he added.
He highlighted specific projects like solar assembly lines in Lagos and battery recycling hubs along industrial corridors, emphasizing Nigeria's potential to lead Africa's clean energy revolution with its minerals, manpower, and market.
Shettima reaffirmed President Bola Tinubu's commitment to energy transition through incentives for local manufacturing and streamlined regulations.
He outlined Nigeria's broader energy goals: $23 billion needed short-term to expand access for millions in energy poverty, and a long-term target of 277 gigawatts installed capacity by 2060, part of a $410 billion opportunity through 2060.
“The success of Nigeria’s energy transition would not be measured by ‘the arrogance of our policies or the ambition of our projections,’ but by the nation’s ability to transform ideas in driving practical, affordable and sustainable energy solutions for all Nigerians,” Shettima stated.
He assured economic recovery, noting, “Our economy has turned the corner. 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.”
The forum, attended by officials from the Federal Ministry of Power and Rural Electrification Agency, emphasises the need for private sector and subnational collaboration to electrify underserved communities and foster resilient, clean-energy-powered enterprises.
Shettima stressed action over deliberation: “This forum must prove that it is here for action, not mere deliberations.”
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com