Nigeria TV Info — VP Shettima Reveals $23 Billion Needed to Expand Energy Access, Outlines Renewable Energy Vision

Abuja, Nigeria — Vice President Kashim Shettima on Tuesday disclosed that over $23 billion will be required to expand energy access and connect the millions of Nigerians still living in energy poverty.

Shettima made this announcement in Abuja while officially opening the inaugural Nigerian Renewable Energy Innovation Forum (NREIF) 2025, emphasizing that as the world accelerates towards net-zero emissions, Nigeria and Africa must not be left behind.

Under President Bola Tinubu’s administration, Nigeria’s energy transition is projected to unlock an investment opportunity of over $410 billion between now and 2060, positioning the nation as the heartbeat of Africa’s renewable energy revolution.

“Nigeria’s energy transition is targeting an investment opportunity of over $410 billion between now and 2060, with over $23 billion needed to expand energy access and connect the millions of Nigerians who still live in energy poverty,” Shettima said.

He further outlined the administration’s broader vision, stating, “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; it demands innovation, local capacity, and commitment.”

Assuring investors, development partners, and other stakeholders, the vice president emphasized President Tinubu’s commitment to consolidating policy foundations that will create a self-sustaining renewable energy market.

“We are enhancing incentives for local manufacturing, streamlining regulatory frameworks, and deepening collaboration with state governments, investors, and development partners to de-risk private capital and accelerate the emergence of a self-sustaining renewable energy market,” Shettima explained.

Highlighting the ‘Nigeria First’ industrial strategy, he stressed that Africa’s renewable energy supply chains must be anchored indigenously. “From solar panel assembly lines in Lagos to battery recycling hubs along industrial corridors, Nigeria must not only participate in this revolution but lead it,” the vice president added.