The Vice President, Kashim Shettima, has said that Nigeria would need over $23 billion to expand energy access and connect millions of Nigerians still living in energy poverty. Shettima spoke yesterday during the flag-off of the Nigeria Renewable Energy Innovation Forum (NREIF) 2025, held in Abuja.

He noted that Nigeria’s energy transition presents an investment opportunity of over $410bn between now and 2060. NREIF 2025 is an initiative designed to foster collaboration among policymakers, investors, entrepreneurs and innovators in the country’s clean energy sector.

The event was organised by the Rural Electricification Agency (REA), an agency under the Federal Ministry of Power. According to him, “This is an invitation to establish Nigeria as the hub for renewable energy manufacturing in Africa. Nigeria’s energy transition presents an investment opportunity of over 410 billion U.S. dollars between now and 2060. “

Of this, more than 23 billion dollars is required to expand energy access and connect the millions of Nigerians who still live in energy poverty. “But beyond access lies our grander ambition, which is to deliver a power system capable of 277 gigawatts of total installed capacity by 2060.

This ambition demands more than investment.’’ The Vice President said Nigeria’s path to achieving a sustainable energy future must be driven not only by ambitious policies but by the ability to transform ideas into practical solutions that guarantee availability, affordability and sustainability for every Nigerian.

He added that the country’s grand ambition under the Nigeria Energy Transition Plan is to deliver a power system capable of generating 277 gigawatts of total installed capacity by 2060.

This, according to him, demands significant investment, innovation and local capacity development. He said: “Beyond access lies our grander ambition to deliver a power system capable of 277 gigawatts by 2060.

This ambition demands more than investment. It demands innovation, local capacity and commitment.” Shettima announced that over $400 million in new investment commitments had been mobilised into Nigeria’s renewable energy manufacturing value chain through engagements facilitated by the forum.