FG secures N585bn investments for solar panels, others

The federal government has stated that it has secured over $400m (N585bn) for investments in local production of solar panels, batteries, inverters and other renewable energy products. Speaking during the Nigeria Renewable Energy Innovation Forum (NREIF) yesterday in Abuja, Vice President Kashim Ibrahim Shettima stated that the forum positions Nigeria as a hub for renewable […]

The federal government has stated that it has secured over $400m (N585bn) for investments in local production of solar panels, batteries, inverters and other renewable energy products.

Speaking during the Nigeria Renewable Energy Innovation Forum (NREIF) yesterday in Abuja, Vice President Kashim Ibrahim Shettima stated that the forum positions Nigeria as a hub for renewable energy manufacturing in Africa and Nigeria’s energy transition presents an investment opportunity of over $410bn between now and 2060.

Daily Trust reports that the event was organised by the Rural Electrification Agency (REA) to seek investments in local production of renewable products.

The Vice President noted that of this, more than $23bn 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, it demands innovation, local capacity, and commitment.

“That is why the theme of this year’s forum, Implementing the Nigeria First Policy, Facilitating Local Content Development and Manufacturing in the Renewable Energy Ecosystem, is not only timely but indeed essential. Our commitment to a Nigeria-based industrial strategy calls on us to anchor the future of Africa’s renewable energy supply chains right here at home,” he said.

 

He added that under the forum, more than $400m in new investment commitments have been mobilised into Nigeria’s renewable energy manufacturing value chain.

 

“This includes solar panels, smart metres, battery storage, and recycling facilities. These investments are projected to create over 1,500 direct jobs across multiple states and reflect growing global confidence in Nigeria’s clean energy industrialisation drive.

 

“I am convinced that each of us gathered here is determined to ensure that the outcomes of this forum do not end in communiques but are translated into factories, jobs, electrified schools, thriving rural enterprises, and resilient communities powered by clean energy. That is the true test of our resolve.”

 

The Minister of Power, Adebayo Adelabu, said the NRIP 2025 was a declaration that Nigeria is ready to lead Africa’s renewable energy transformation.

 

“This year’s theme, “Implementing the Nigeria First Policy”, speaks to something far deeper than manufacturing. It embodies a bold commitment to national pride, industrial competence, and long-term economic sustainability.

 

“In the power sector, the Nigeria First Policy reflects a determination to ensure that the next generation of clean energy technologies, from solar panels to battery energy storage systems, deployed across the country, proudly carry the label, Made in Nigeria,” he said.

 

The Managing Director of REA, Engr. Abba Aliyu said the forum was conceived from a very simple but powerful idea that the future of Nigeria will not be imported.

 

“We are currently one of the main importers of PV panels and renewable equipment in Africa. We want to reverse that trend and the forum stands as a platform to connect policy ambition with market reality, research with investment, and innovation with implementation, a space where the ecosystem can create a Nigerian renewable energy future.”