The Federal Government has entered into a series of agreements totaling $500 million with five state governments and a Dutch partner to rapidly expand Nigeria’s solar energy capacity and domestic production of renewable technology.

The partnerships, finalized with Bayelsa, Ogun, Lagos, Akwa Ibom, Kano, and the Federal Capital Territory, alongside the Netherlands Development Organisation (SNV), will fund new solar generation projects and support local manufacturing of solar panels and battery storage systems.

The announcement was made at the Nigeria Renewable Energy Innovation Forum in Abuja, where Vice President Kashim Shettima revealed the enormous financial scale of the nation’s energy transition plan. He identified it as a $410 billion investment opportunity leading up to 2060.

The Vice President underscored the critical role of the private sector in achieving these goals. “These are not just figures; they are opportunities for job creation, industrial expansion, private capital mobilization, and inclusive growth,” Shettima stated.

Citing the need for over $23 billion to connect millions of Nigerians to electricity, the Vice President outlined a long-term vision for a power system capable of generating 277 gigawatts by 2060, primarily from renewable sources.

Providing a breakdown, the Managing Director of the Rural Electrification Agency (REA), Engr. Abba Aliyu, said the deals will deliver a significant capacity increase. Ogun, Akwa Ibom, and Kano are each slated for 1,100 megawatts, Lagos for 150 megawatts, and the Federal Capital Territory for 500 megawatts.

The Minister of Power, Chief Adebayo Adelabu, reported tangible progress, noting that average national power generation has already risen from 4,000 megawatts in 2023 to 5,300 megawatts currently. He reiterated the government’s commitment to building a self-reliant energy industry, stating, “The future of Nigeria’s power sector will be shaped not by imports, but by what we build, assemble, and innovate here at home.”