FG Secures $400m Renewable Energy Investments to Boost Local Manufacturing, Create 1,500 Jobs

The Federal Government has announced that over $400 million in new renewable energy investments will be formalised within the next two days to strengthen Nigeria’s clean energy manufacturing value chain.

Vice President Kashim Shettima revealed this on Tuesday at the inaugural Nigerian Renewable Energy Innovation Forum 2025 in Abuja, noting that the initiative aims to deepen local manufacturing and innovation in the renewable energy sector.

According to Shettima, the investments—mobilised through the forum’s engagements—will fund the establishment of solar panel assembly plants, smart meter production lines, and battery storage and recycling facilities across several states. The move, he said, aligns with the administration’s “Nigeria First” policy to reduce solar imports and boost homegrown production.

“Over the next two days, agreements will be signed, partnerships forged, and a national roadmap consolidated,” Shettima stated. “Through this forum, we have mobilised more than $400 million into Nigeria’s renewable energy manufacturing value chain. These projects are expected to create over 1,500 direct jobs and reflect global confidence in Nigeria’s clean energy industrialisation drive.”

He emphasised that Nigeria’s energy transition success would be measured not by policy ambition but by the ability to deliver practical, affordable, and sustainable energy solutions nationwide.

The forum, themed “Implementing the Nigeria PACE Policy: Facilitating Local Content Development and Manufacturing in the Renewable Energy Ecosystem,” seeks to drive innovation, investment, and local participation in clean energy production.

Shettima highlighted that Nigeria’s transition to renewable energy presents an investment potential of over $410 billion by 2060, including $23 billion needed in the short term to expand energy access for millions living without electricity. The long-term goal, he said, is to achieve 277 gigawatts of installed power capacity by 2060.

“This is an invitation to establish Nigeria as Africa’s hub for renewable energy manufacturing,” he said. “From solar assembly lines in Lagos to battery recycling hubs along our industrial corridors, Nigeria must not only participate in this revolution but lead it.”

The Vice President reaffirmed President Bola Tinubu’s commitment to promoting local content by providing incentives for manufacturers, simplifying regulations, and partnering with state governments and development partners. He commended the Federal Ministry of Power and the Rural Electrification Agency for expanding access through inclusive and decentralised energy policies.

Shettima called for stronger private-sector involvement and collaboration with subnational governments to localise technology and enhance value chains. He described Nigeria’s youthful population as its greatest asset, positioning the nation as the “vibrant heartbeat of Africa’s renewable energy revolution.”

Concluding his address, the Vice President assured Nigerians that the country’s current economic challenges are temporary, expressing optimism that ongoing reforms will lead to sustainable growth and stability.

“Our economy has turned the corner,” he said. “The pains of adjustment will soon give way to lasting progress. There is a silver lining on the horizon.”