Mkpoikana Udoma
Port Harcourt — Vice President Kashim Shettima has unveiled Nigeria’s $200 billion energy transition opportunity, urging global investors to take advantage of fiscal incentives and reforms designed to reposition the country as Africa’s hub for sustainable growth.
Speaking at the Business Council for International Understanding, BCIU, Roundtable themed “Risk, Reform, Return” on the sidelines of the 80th United Nations General Assembly, UNGA80, Shettima stressed that the nation’s vast gas reserves and renewable potential are central to a multi-billion-dollar transformation agenda.
“With 210 trillion cubic feet of gas reserves and one of the highest solar irradiation levels in Africa, Nigeria offers a 200-billion-dollar energy transition opportunity,” the Vice President declared.
“Fiscal incentives and VAT waivers are de-risking investments in both traditional and renewable power assets, from gas-fired plants to off-grid solar and clean hydrogen pilots.”
Shettima, who represented President Bola Tinubu at UNGA80, highlighted that Nigeria’s recent sovereign credit upgrades by Fitch and Moody’s—both rating the country stable—underscore the renewed investor confidence generated by ongoing reforms.
“This positions Nigeria as the natural hub for the AfCFTA’s 3.4 trillion-dollar market,” he said.
Underscoring the scale of opportunities, Shettima pointed to Special Economic Zones and Agro-Industrial Clusters that already host over $5 billion in installed industrial capacity, supported by duty-free imports, rent concessions, export-linked rebates, and integrated logistics.
“These reforms are transforming Nigeria into Africa’s production floor and innovation lab,” he added.
Beyond energy, Shettima spotlighted Nigeria’s demographic advantage and expanding digital economy.
“We are home to 236 million people today, projected to reach 320 million by 2040, with 58 percent under 30. Add to this our five tech unicorns, $2 billion in venture funding, and 29 percent of Africa’s internet usage—Naija no dey carry last,” he told the global audience.
He further emphasized reforms under Tinubu’s Renewed Hope Agenda, including the unification of exchange rates, removal of fuel subsidy, modernization of tax and customs systems, and full implementation of the AfCFTA.
“Our GDP growth is accelerating, our external reserves are strengthening, and inflation is moderating. This is why investor commitments are rebounding,” he noted.
Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole, who also addressed the forum, reinforced the message. “Since May 2023, we have tracked over $50 billion in investment interest and announcements across key sectors,” she said.
Nigeria’s pitch comes as the government seeks to close a $1 billion annual infrastructure gap in transport, ports, and power through blended financing with sovereign and private partners.
According to Shettima, projects ranging from metro lines to industrial corridors are being positioned to deliver long-term revenue streams for investors.
“The message is clear. Nigeria is open for business, and our reforms are designed not just to attract capital but to guarantee returns. The energy transition is at the heart of this opportunity, and we are ready for partnerships.”
