The Federal Government of Nigeria, in partnership with the Rural Electrification Agency (REA) and several state governments, has secured renewable energy investment agreements with private sector players and development partners.
The agreements valued at US $435M, were formalized during the Nigeria Renewable Energy Innovation Forum 2025 held in Abuja, marking one of the country’s largest joint commitments to expanding its clean energy portfolio.
Vice President Kashim Shettima, who presided over the signing ceremony, described the deals as a critical step toward achieving Nigeria’s target of 277 gigawatts of installed electricity capacity by 2060. He said the initiative would also help transform Nigeria into a renewable energy manufacturing hub for Africa.
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Goal to reliable power access
Shettima highlighted that Nigeria’s ongoing energy transition represents an investment opportunity of over US $410bn by 2060, with approximately US $23bn needed in the short term to provide reliable power to millions of unconnected households. He emphasized that the transition to renewables requires not only financial resources but also technological innovation, skilled manpower, and the development of sustainable value chains.
According to the vice president, the government’s industrial policy is designed to anchor Africa’s renewable energy supply chains in Nigeria by promoting local production of solar panels, battery storage systems, and smart meters, alongside capacity building and technology transfer programs.
The newly signed investments are projected to create around 1,500 direct jobs across various states and bolster Nigeria’s clean energy manufacturing base. Shettima praised the REA and the Federal Ministry of Power for leading efforts to promote decentralized and inclusive access to electricity, especially in off-grid and underserved areas.
During the forum, state governments entered into multiple agreements with local and international renewable energy firms to develop solar, hybrid, and recycling projects aimed at expanding power generation capacity. These partnerships are expected to contribute hundreds of megawatts to the national grid, establish recycling facilities for renewable components, and reinforce Nigeria’s position as a growing clean energy manufacturing hub.
Shettima reaffirmed President Bola Tinubu’s commitment to advancing Nigeria’s energy transition through incentives for local production, regulatory streamlining, and stronger public–private partnerships. He stressed that success would be measured not by policy pronouncements but by tangible improvements in energy access, reliability, and affordability for all Nigerians.
He further urged development partners and equipment manufacturers to localize production, strengthen supply chains, and invest in workforce training to ensure the benefits of renewable energy reach communities nationwide. Energy analysts noted that the new agreements come at a crucial juncture for Nigeria’s power sector. Despite ongoing reforms, millions of people particularly in rural and peri-urban areas still lack access to electricity. They believe that scaling up renewable infrastructure will not only reduce dependence on diesel generators but also stimulate inclusive economic growth.
The Nigeria Renewable Energy Innovation Forum serves as a collaborative platform for government institutions, investors, and energy developers to align strategies for a sustainable energy future. Over the two-day event, participants are expected to develop a national monitoring framework to track the execution of the newly signed agreements and ensure their long-term impact on Nigeria’s energy security and sustainability objectives.
