Nigeria can double energy investment in five years, IEA chief says
IEA chief Fatih Birol says Nigeria could at least double energy investment within five years after joining the agency as an associate member.
Nigeria could at least double investment into its energy sector within five years following its admission to the International Energy Agency (IEA), the agency's executive director, Fatih Birol, said during a visit to Abuja.
Birol said Nigeria's new associate membership of the Paris-based watchdog would help attract capital, deepen technical cooperation, and give Africa's largest oil producer a stronger voice in global energy policy discussions.
"My goal is, in a very short period of time, in five years, at least doubling the energy investments Nigeria is receiving today," Birol said.
He noted that Nigeria needs substantial capital to unlock opportunities across oil, gas and renewable energy, particularly solar power. Birol added that the country's resource base, combined with shifting global energy trade patterns, could draw funding from governments and private investors seeking reliable partners.
"The most scarce commodity is not oil, not gas, not uranium, not lithium. It is trust," he said. "Countries are looking for partners they can rely on."
Birol described Nigeria as a credible energy supplier and pointed to exports from the Dangote refinery, which processes about 700,000 barrels of crude daily, as having helped ease fuel-supply pressures in Europe in recent months.
Nigeria aims to nearly double oil production to 3 million barrels per day by 2030. The government is counting on energy sector reform, infrastructure upgrades and improved security to curb oil theft and attract foreign capital after years of underinvestment.
Nigeria became an IEA associate member in July after member countries, including the United States, Germany, Italy and Japan, unanimously approved its application. The IEA and Nigeria are expected to sign a joint work programme in Abuja covering natural gas, electrification, clean cooking, energy efficiency and energy data development.
Birol also highlighted geopolitical risks, saying disruptions to major energy supply routes are reshaping global trade flows. He warned that if the Strait of Hormuz does not reopen convincingly soon, difficulties could emerge for crude oil and refined products such as diesel and jet fuel.