Nigeria, IEA sign pact on energy policy, security

Nigeria and the International Energy Agency have inked an agreement to form a Joint Work Programme aimed at deepening strategic cooperation in energy policy, investment, economic growth and security. The deal was finalized on Thursday, with Vice President Kashim Shettima marking Nigeria's admission into the Paris-based organization as a major milestone and a testament to President Bola Tinubu's economic reforms.

During a statement, Shettima said this admission validates the administration's policies and efforts to capitalize on Nigeria's vast energy resources. He added that Nigeria's potential will enable it to reap the benefits of IEA's institutional knowledge, expertise, and resources to support the nation's energy ambitions. Shettima also acknowledged the country's abundant renewable energy sources and reiterated the administration's commitment to repositioning the economy by leveraging the country's available resources.

IEA's Dr Fatih Birol explained that the organization works with governments involved in various sectors, including oil, gas, solar, nuclear power, artificial intelligence, and electric cars. He highlighted that becoming a member of the IEA is a rigorous process that involves extensive evaluations and tests. Following discussions with the Minister of State for Petroleum and Gas, Ekperikpe Ekpo, the IEA's board comprising the governments of the US, Japan, Germany, Italy, and the UK unanimously accepted Nigeria as a member.

Birol stated that the IEA will support Nigeria's energy sector for the coming years, providing policy advice on various aspects of energy, from clean cooking to gas markets, and training Nigerian experts at the IEA.