Stakeholders at the Nigeria Renewable Energy Innovation Forum have urged greater collaboration, innovation, and strategic investments to fast-track the country’s shift to renewable energy and expand sustainable power access for all Nigerians.

In a statement issued on Tuesday, the two-day forum—organised by the Rural Electrification Agency in Abuja—brought together policymakers, industry leaders, private investors, equipment manufacturers, and development partners to explore strategies for boosting local manufacturing, financing, and distribution of renewable energy solutions nationwide.

In his keynote address, Vice President Kashim Shettima underscored the pivotal role of the private sector in driving Nigeria’s energy transition agenda. He urged participants to embrace a “Nigeria First” mindset by promoting local content development and directing investments toward homegrown renewable energy innovations.

“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,” the Vice President stated.

Shettima’s remarks reflected the government’s continued commitment to strengthening Nigeria’s clean energy ecosystem through enabling policies and strategic collaborations.

Reinforcing this view, Abba Aliyu, Managing Director and Chief Executive Officer of the Rural Electrification Agency, pointed to Africa’s vast but underexploited renewable resources—especially solar energy—and emphasized the need for Nigeria to harness its natural advantages to drive industrial growth and economic development.

“Africa has nearly 60 per cent of the world’s best solar resources but attracts less than three per cent 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,” he said.

Aliyu reaffirmed the Rural Electrification Agency’s commitment to advancing programmes that align with the Federal Government’s renewable energy goals, particularly those promoting local manufacturing, innovation, and job creation.

Representing the private sector, George Ogbonnaya, Divisional Head of Business Banking at First City Monument Bank, emphasized the vital importance of financial innovation and cross-sector collaboration in accelerating the widespread adoption of renewable energy across Nigeria.

“Nigeria’s renewable energy transition demands shared commitment. Unlocking over $400m in investment will require strong government and private sector collaboration to expand access, accelerate local manufacturing, and strengthen energy infrastructure. At FCMB, financial innovation enables this collaboration and delivers reliable power to unserved and underserved communities,” Ogbonnaya stated.

FCMB has played a key role in strengthening Nigeria’s renewable energy value chain through project financing and capacity-building initiatives for developers, entrepreneurs, and end-users.

The bank recently partnered with the Rural Electrification Agency to launch a ₦100 billion loan facility under the Distributed Access through Renewable Energy Scale-Up programme, designed to provide reliable electricity to more than two million households in unserved and underserved communities nationwide.