IEA SEES ENERGY INVESTMENT DOUBLING IN NIGERIA

Nigeria could attract twice its current level of energy investment within the next five years, according to the International Energy Agency’s Executive Director, Fatih Birol.

Birol made the projection during a visit to Abuja, following Nigeria’s admission as an associate member of the IEA. He said the new relationship could help attract more capital, strengthen technical cooperation and give Nigeria a stronger voice in global energy discussions.

According to him, Nigeria’s large oil, gas and renewable energy resources, particularly its solar potential, provide significant opportunities for investors.

Birol said his goal was to see energy investment in Nigeria at least double within five years, stressing that the country would need substantial capital to unlock its potential across the sector.

He also described Nigeria as a reliable energy supplier and noted the growing role of the Dangote refinery in supplying refined petroleum products to international markets.

Nigeria and the IEA are expected to develop a joint work programme covering natural gas, electrification, clean cooking, energy efficiency and energy data.

The development comes as Nigeria seeks to increase crude oil production to three million barrels per day by 2030 through sector reforms, improved infrastructure and stronger security.

Birol said better energy data and continued reforms would also be important in attracting investors and strengthening confidence in Nigeria’s energy market.