The Federal Government, state governments, and the Rural Electrification Agency (REA) have signed $435 million in renewable energy agreements with private partners. The deals, finalized at the NREIF 2025 Forum in Abuja, aim to boost power supply and establish Nigeria as a hub for clean energy manufacturing in Africa.
VP Shettima’s Vision
Vice President Kashim Shettima announced the Forum mobilized over $400 million in new commitments for Nigeria’s local renewable energy manufacturing sector (solar panels, batteries, smart meters). He emphasized that the nation must lead the energy transition by localizing technology and developing local capacity.
Shettima projected the energy transition presents a massive investment opportunity of over $410 billion by 2060, stressing the need for immediate investment to connect millions of Nigerians living in energy poverty. The deals are expected to create over 1,500 direct jobs.
Key State Projects
Major agreements were signed across several states to boost power generation:
- Ogun, Akwa Ibom, and Kano each signed deals totaling 1,100 MW in new capacity.
- Lagos signed for 150 MW of solar power and a plant to recycle 2,484 tonnes of photovoltaic waste annually.
- The FCT is expected to gain 500 MW.
The VP reaffirmed the government’s commitment to enhancing local manufacturing incentives and streamlining regulations to attract private capital.
