The disclosure was made by the Managing Director of the Rural Electrification Agency (REA), Abba Aliyu, during a webinar hosted by the African Association of Energy Journalists and Publishers.

He attributed the inflow of capital to policy efforts to strengthen local manufacturing capacity and improve investor confidence in the sector.

Aliyu said Nigeria’s solar manufacturing capacity has more than doubled in recent years, rising from about 120 megawatts to roughly 300 megawatts, with an additional 3.7 gigawatts in development. He described this growth as part of a “deliberate strategy to build investor confidence and attract private capital”.

The expansion is beginning to translate into export activity. According to Aliyu, solar panels produced in Nigeria are already being shipped from Lagos to Accra, Ghana, marking a shift from import dependence towards regional supply.

“For the first time, Nigeria is producing solar panels locally, and they are already being exported,” he said, pointing to what he described as an emerging leadership role for the country in West Africa’s energy transition.

Beyond manufacturing, the government is also pursuing regulatory changes to improve project viability and encourage private sector participation.

Aliyu noted that Nigeria’s approach to expanding electricity access is drawing attention from other African countries, including Mozambique, Benin, Burkina Faso, Niger, Chad, Mauritania and Mauritius, which are exploring similar frameworks.

Central to this effort is Nigeria’s Distributed Access through Renewable Energy Scale-Up programme, a $750 million initiative designed to expand electricity access through mini-grids and decentralised systems.

The programme operates on a results-based financing model, requiring developers to commit capital before accessing incentives.

Aliyu said the initiative is expected to mobilise an additional $1.1 billion in private investment, supported by institutions such as Citibank Nigeria, Lotus Bank and the International Finance Corporation.

While the figures point to growing momentum in Nigeria’s renewable energy sector, challenges remain, including infrastructure gaps and broader economic uncertainties.

However, the scale of planned investments suggests growing investor confidence in the country’s long-term clean energy potential.