FG de-risking private capital to accelerate growth of renewable energy – VP
Kashim Shettima, Nigeria’s Vice President, said the Federal Government is prioritising local content development and investments that promote homegrown renewable energy solutions, by de-risking private capital to accelerate growth of the renewable energy market.
“We are improving local manufacturing incentives, refining regulatory frameworks, and enhancing collaboration with state governments and investors to help de-risk private capital and accelerate the growth of a sustainable renewable energy market,” Shettima stated during the recent Nigeria Renewable Energy Innovation Forum (NREIF), held in Abuja.
Shettima underscored the importance of private sector participation in driving the nation’s energy transition and urged stakeholders to adopt the ‘Nigeria First’ policy during the two-day forum, organised by the Rural Electrification Agency (REA).
George Ogbonnaya, Divisional Head, Business Banking, First City Monument Bank (FCMB), highlighted the critical role of financial innovation and public-private collaboration in scaling renewable energy adoption.
“Nigeria’s renewable energy transition demands shared commitment. Unlocking over $400 million in investment will require strong government and private sector collaboration to expand access, accelerate local manufacturing, and strengthen energy infrastructure,” he noted.
Read also: Amotekun parades 38 suspects for kidnapping, murder, illegal immigration in Ondo
According to Ogbonnaya, the bank has supported the renewable energy value chain through project financing and capacity-building initiatives for developers and end-users. “At FCMB, financial innovation enables this collaboration and delivers reliable power to unserved and underserved communities.”
He stated that the bank recently entered into a strategic collaboration with the REA to provide a ₦100 billion loan facility to deliver power to two million households in unserved and underserved communities across the country. According to him, the intervention is under the REA’s Distributed Access through Renewable Energy Scale-Up (DARES) program.
Abba Aliyu, the Managing Director/ CEO, REA, stated that Nigeria’s abundant renewable resources, particularly solar, must translate into tangible industrial and economic gains. “Africa has nearly 60% of the world’s best solar resources but attracts less than 3% of global renewable energy investment.
“The task ahead is clear: we must transform this advantage into a competitive edge by building industries, fostering innovation, and creating local value,” Aliyu stated.
According to him, the Nigeria Renewable Energy Innovation Forum (NREIF) aims to position the country as a key player in the global clean energy economy while supporting the Federal Government’s broader ‘Nigeria First’ policy.
Similarly, stakeholders at the two-day forum also called for stronger collaboration, innovation, and targeted investment to accelerate Nigeria’s transition toward renewable energy and sustainable power access for all.
While participants reaffirmed their commitment to bridging the country’s energy access gap, strengthening local manufacturing, and unlocking new investment opportunities within the renewable energy sector.
