UNGA: Shettima Showcases Nigeria’s $200bn Energy Transition Opportunities To Global Investors

Vice President Kashim Shettima has spotlighted Nigeria’s estimated $200 billion energy transition potential before global investors at the 80th United Nations General Assembly (UNGA) in New York.

He urged international partners to seize the opportunities emerging from the country’s sweeping economic reforms.

Addressing a roundtable convened by the Business Council for International Understanding (BCIU) on Monday, Shettima described Nigeria as strategically positioned to serve as Africa’s clean energy hub and a driver of industrial growth, owing to its abundant resources, youthful population and reform-driven policies.

He said recent sovereign rating upgrades by Fitch and Moody’s had confirmed renewed investor confidence in Nigeria, situating the country as a natural gateway to the $3.4 trillion African Continental Free Trade Area (AfCFTA).

The Vice President stressed that Nigeria is not only West Africa’s largest economy but also the continent’s biggest consumer market, with a population currently estimated at 236 million and projected to grow to 320 million by 2040.

According to him, this demographic expansion provides unmatched prospects for investors looking at long-term market opportunities.

He highlighted the nation’s youthful demographics, noting that more than 58 percent of Nigerians are under the age of 30, while the median age is just 17, a combination that represents one of the world’s most dynamic talent pools.

Shettima further explained that Nigeria’s competitive advantage is reinforced by its strategic geography, linking Africa with the Americas and Asia.

With 44 distinct natural resources, Africa’s largest oil reserves and 210 trillion cubic feet of proven gas, he said Nigeria possesses unmatched potential. “When you put all these factors together, it is clear that Naija no dey carry last,” he declared.

He pointed out that since mid-2023, under President Bola Tinubu’s Renewed Hope Agenda, Nigeria had embarked on some of the boldest economic reforms in its history.

He listed measures such as the unification of the exchange rate, the removal of fuel subsidies, and the modernisation of the tax and customs system as examples of far-reaching policies already reshaping the economy.

The Vice President noted that the government had also rolled out a new Investment and Securities Act, introduced a National Single Window for trade, and upgraded the public-private partnership framework, alongside modernising bilateral investment treaties.

According to him, these reforms are already producing visible results, with GDP growth accelerating, foreign reserves strengthening, inflation moderating, and investor commitments rebounding.

Shettima reminded his audience that in April, Fitch upgraded Nigeria’s sovereign rating to B with a stable outlook, while Moody’s raised its issuer rating to B3 with a stable outlook.

He said both rating agencies credited Nigeria’s improved fiscal buffers and clearer policy direction for these upgrades, which he described as a vote of confidence in the country’s reform efforts.

He also elaborated on the incentives available to investors. In Nigeria’s Special Economic Zones, the government offers duty-free imports, rental concessions, rebates on non-oil export proceeds, and integrated logistics support to exporters.

The Special Agro-Industrial Zones, he added, are reducing post-harvest losses by as much as 40 percent by connecting farmers directly with processors and export hubs.

He said fiscal incentives and VAT waivers are lowering risks for investments in traditional and renewable energy projects, including gas-fired power plants, solar installations and clean hydrogen pilots.

Furthermore, the Federal Government is combining sovereign and private financing to expand metro lines, develop dry ports and establish industrial corridors, all designed to strengthen West Africa’s trade infrastructure while providing long-term revenue opportunities for investors.

Concluding his presentation, Shettima emphasised that Nigeria’s $200 billion energy transition journey will not only fuel sustainable growth but also create millions of jobs and position the country as the anchor of Africa’s wider industrial transformation.