Shettima Showcases Nigeria’s $200bn Energy Transition Potential to Global Investors

Vice President Kashim Shettima has pitched Nigeria as a prime investment destination, highlighting a $200 billion energy transition opportunity and its strategic role as the hub for the African Continental Free Trade Area’s (AfCFTA) $3.4 trillion market. Speaking at a Business Council for International Understanding (BCIU) roundtable in New York on the sidelines of the 80th United Nations General Assembly, Shettima, representing President Bola Ahmed Tinubu, emphasized Nigeria’s economic transformation under the Renewed Hope Agenda.Shettima underscored Nigeria’s position as West Africa’s largest economy and Africa’s biggest consumer market, with a population of 236 million projected to reach 320 million by 2040. “With a median age of 17 and over 58% under 30, Nigeria boasts one of the world’s deepest talent pools, 44 natural resources, five tech unicorns, and Africa’s largest oil and gas reserves,” he said, adding, “Naija no dey carry last.” He highlighted reforms since mid-2023, including exchange rate unification, fuel subsidy removal, modernized tax and customs systems, and enhanced trade policies, which have spurred GDP growth, strengthened reserves, and moderated inflation.The Vice President noted that Nigeria’s upgraded sovereign ratings by Fitch (B, stable outlook) and Moody’s (B3, stable) reflect a clearer policy direction. He outlined a four-pillar incentive framework to reduce investor risk, offering tax credits, duty-free imports, and streamlined FX access in Special Economic Zones. “Our simplified tax regime and export-linked rebates make Nigeria a competitive destination for capital,” Shettima said.In energy, Nigeria’s 210 trillion cubic feet of gas reserves and high solar irradiation levels underpin the $200 billion opportunity, with fiscal incentives de-risking investments in gas, solar, and clean hydrogen. Shettima also highlighted Special Agro-Industrial Zones cutting post-harvest losses by 40% and connecting farmers to export hubs, positioning Nigeria as a continental food system leader.Through InfraCorp and the Nigeria Sovereign Investment Authority, the government is funding critical infrastructure like metro lines and dry ports to bolster West African trade. Nigeria’s 44 commercially viable minerals, worth over $700 billion, offer opportunities in lithium, gold, and rare earths for the green transition. “Our Special Economic Zones host over $5 billion in industrial capacity, transforming Nigeria into Africa’s production floor and innovation lab,” Shettima concluded, urging investors to seize the moment.

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