Adelabu: Governors, Investors Back $500m Solar Drive

The Federal Government, working with state governors and private investors, has secured nearly $500 million in funding to establish solar manufacturing plants across Nigeria, the Minister of Power, Adebayo Adelabu, has announced.

Speaking at the Nigeria Energy Conference in Lagos, Adelabu revealed that the investment would add close to 4 gigawatts of solar production capacity annually — equivalent to nearly 80 percent of the country’s current total power generation.

According to him, the agreements were finalised during the Nigerian Renewable Energy Innovation Forum convened by the Rural Electrification Agency (REA), following months of negotiations with state partners and private financiers.

“At the recently concluded Renewable Energy Innovation Forum, we activated agreements totalling almost $500 million with governors and investors. This initiative will create nearly 4 gigawatts of solar manufacturing capacity per annum, representing almost 80 percent of our current national generation,” the minister stated.

Adelabu explained that the initiative would promote local production of solar panels, batteries, and meters — reducing Nigeria’s dependence on imports and positioning the country as a renewable energy hub in West Africa.

“Companies that will manufacture solar panels, batteries, and meters locally will now have access to financing support. With this level of renewable energy production coming online, Nigeria will not only meet its domestic transition targets but also serve as a regional power hub,” he said.

The minister noted that the progress is already visible, citing Nigeria’s recent export of locally made solar panels to Ghana as evidence of growing industrial capacity.

“Yes, we exported solar panels manufactured in Nigeria to Ghana last month. This is just the beginning. Our goal is to make Nigeria the renewable energy manufacturing hub for West Africa — and eventually for the entire continent,” he added.

Adelabu said the development would stimulate job creation, generate foreign exchange earnings, and accelerate the deployment of clean energy infrastructure nationwide. He stressed that empowering young Nigerians through renewable energy training would be key to sustaining the sector’s growth.

The minister also assured investors that the Federal Government is committed to creating an enabling business environment across the power value chain, particularly in transmission and manufacturing.

“Nigeria’s power sector is open for business more than ever before. Investors can rest assured that their capital is safe and that returns will be guaranteed,” he stated.

In a related remark, REA Managing Director, Abba Aliyu, emphasised the need to reduce import dependence in the renewable energy market.

“Over ₦200 billion has been spent on importing solar PV panels into the country. Our focus now is on domesticating the manufacturing of renewable energy components. Lagos, being a commercial hub, will lead this transition,” Aliyu said.