FG signs $500m renewable energy deals with states, Netherlands

– Nigeria’s Energy Transition Presents $410bn Investment Opportunity, Says Vice President

By Obas Esiedesa, Abuja

The Federal Government has signed renewable vigor deployment agreements worthy $500 cardinal with 5 authorities governments and the Netherlands Development Organisation (SNV) to boost star powerfulness procreation and grow section accumulation of star panels and artillery retention systems successful Nigeria.

The agreements, facilitated done the Rural Electrification Agency (REA), were signed with Bayelsa, Ogun, Lagos, Akwa Ibom, Kano, and the Federal Capital Territory. The inaugural is expected to adhd astir 3,950 megawatts of renewable vigor capableness crossed the country.

Speaking astatine the Nigeria Renewable Energy Innovation Forum (NREIF) held successful Abuja, Vice President Kashim Shettima said Nigeria’s ongoing vigor modulation represents an estimated $410 cardinal concern accidental betwixt present and 2060.

Shettima reaffirmed the Federal Government’s committedness to creating an enabling situation for backstage assemblage information successful cleanable vigor production, emphasizing that section contented improvement and exertion transportation are cardinal to the administration’s vigor strategy.

The forum, themed “Implementing the Nigeria First Policy: Facilitating Local Content Development and Manufacturing successful the Renewable Energy Ecosystem,” brought unneurotic authorities officials, investors, and manufacture stakeholders to sermon strategies for deepening section information successful the renewable vigor worth chain.

According to the Vice President, implicit $23 cardinal volition beryllium required to grow energy entree and link millions of Nigerians inactive surviving successful vigor poverty.

“But beyond entree lies the grander ambition: to present a powerfulness strategy susceptible of 277 gigawatts of full installed capableness by 2060 — driven by renewables, storage, grid expansion, and cleanable exertion infrastructure,” Shettima said.

“These are not conscionable figures; they are opportunities for occupation creation, concern expansion, backstage superior mobilization, and inclusive growth.”

He stressed that the authorities unsocial cannot code the nation’s vigor challenges, calling for greater engagement of backstage assemblage players and improvement partners.

“To unlock the afloat imaginable of Nigeria’s vigor transition, we request our industrialists, innovators, and financiers to instrumentality bold steps.

We besides number connected our authorities governments to champion renewable concern clusters and service arsenic engines of greenish maturation crossed the federation,” helium added.

Also speaking, the Minister of Power, Chief Adebayo Adelabu, said authorities investments implicit the past 2 years person improved mean energy procreation from 4,000MW successful 2023 to 5,300MW successful 2025.

Adelabu noted that efforts are ongoing to amended liquidity and pull further concern into the powerfulness sector.

“We are deepening outgo assurance frameworks, promoting cost-reflective tariffs, and encouraging section and planetary financiers to put successful our increasing task pipeline — from on-grid enlargement to distributed renewable solutions,” helium said.

“The aboriginal of Nigeria’s powerfulness assemblage volition beryllium shaped not by imports, but by what we build, assemble, and innovate present astatine home.”

In his remarks, the Managing Director/CEO of REA, Engr. Abba Aliyu, said nether the caller deals, Ogun volition get 1,100MW, Lagos 150MW, Akwa Ibom 1,100MW, Kano 1,100MW, and the FCT 500MW.

He disclosed that the REA presently manages an progressive and expected task portfolio of astir $3 cardinal successful the renewable vigor sector.

“The theme, ‘The Nigeria First Policy,’ captures our corporate aspiration to domesticate the technologies, industries, and capabilities that volition powerfulness our vigor future,” Aliyu said.

“To unafraid our semipermanent sustainability and economical competitiveness, we indispensable guarantee that what we deploy is progressively designed, assembled, and manufactured successful Nigeria.”

Aliyu emphasized that the REA’s mandate present extends beyond electrification to fostering section manufacturing and value-chain improvement successful renewable vigor technologies.

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