…Dangles $200bn Energy Transition Bait to Global Investors
…Says Reforms Make Us Africa’s Investment Hub
By John Paul
Nigeria has pitched a $200 billion energy transition opportunity to global investors, declaring itself the “natural hub” for Africa’s $3.4 trillion AfCFTA market.
Vice-President Kashim Shettima made the bold case in New York at a roundtable hosted by the Business Council for International Understanding (BCIU) on the sidelines of the 80th UN General Assembly.
“Naija no dey carry last,” Shettima told business leaders, reeling out Nigeria’s credentials: 236 million people today, rising to 320 million by 2040; 210 trillion cubic feet of proven gas; Africa’s largest oil reserves; 44 distinct minerals worth over $700 billion; five tech unicorns; and one of the youngest talent pools in the world.
He said President Bola Tinubu’s Renewed Hope reforms had triggered “one of the boldest economic resets in our history,” citing the unification of exchange rates, removal of fuel subsidy, tax and customs overhauls, and new bilateral investment frameworks.
The results, Shettima said, are already visible: accelerating GDP growth, stronger reserves, moderating inflation—and rebounding investor commitments. Ratings agencies Fitch and Moody’s both recently lifted Nigeria’s sovereign outlooks, citing improved buffers and clearer policy direction.
“We now have a four-pillar incentives framework to reduce investor risk, accelerate cash returns, and make Nigeria one of the most competitive destinations in the Global South,” Shettima said. “Cross-border protections, updated treaties, and FX access guarantee that capital and profits are safe.”
He highlighted reforms transforming Special Economic Zones and Agro-Industrial Zones into billion-dollar clusters: “We are cutting post-harvest losses by 40 per cent, hosting over $5 billion in installed industrial capacity, and linking farmers directly to export hubs.”
On energy, Shettima declared Nigeria the continent’s clean power frontier: “With vast gas reserves and some of Africa’s highest solar radiation, we offer a $200 billion energy transition opportunity.”
He also pointed to Nigeria’s surging digital and creative economies. The country accounts for 29% of Africa’s internet usage, has raised $2 billion in venture funding, and is training three million new tech talents. Nollywood and Afrobeats, already a $15 billion sector, are projected to hit $100 billion by 2030 under new incentives for IP protection.
Healthcare, he added, is being boosted by a $1.57 billion World Bank programme and local manufacturing push, while sovereign-backed finance is funding metro lines, dry ports, and industrial corridors across the country.
Minister of Industry, Trade and Investment, Dr Olajumoke Oduwole, reinforced the message, saying over $50 billion in investment interest has already been tracked since May 2023.
Earlier, Shettima joined President Tinubu and other leaders at UNGA’s 80th anniversary, where Tinubu praised the UN for its legacy of peace and human dignity.
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