Nigeria’s energy investment may double in five years — IEA

Nigeria's energy investment could double within five years after the country joined the International Energy Agency (IEA) as an associate member, according to IEA Executive Director Fatih Birol. Birol believes the IEA's association will help attract investment, deepen technical cooperation, and strengthen Nigeria's influence in global energy policy discussions.

He emphasized the need for substantial capital to unlock opportunities in the oil, gas, and renewable energy sectors, particularly solar power. Nigeria's vast energy resources and evolving global energy trade patterns may position it to attract capital from governments and private investors seeking dependable energy partners. Birol highlighted that trust is the most scarce commodity, as countries seek reliable energy partners.

He praised Nigeria as a credible energy supplier, noting that exports from the Dangote Petroleum Refinery have eased fuel supply pressures in Europe. The refinery processes around 700,000 barrels of crude oil daily and supplies refined petroleum products to international markets. Nigeria became an IEA associate member in July after approval from member countries, including the United States, Germany, Italy, and Japan.

The IEA and the Nigerian government will collaborate on natural gas, electrification, clean cooking, energy efficiency, and energy data development. Nigeria aims to boost crude oil production to 3 million barrels per day by 2030, nearly double its current output, relying on reforms, infrastructure upgrades, and improved security.

Birol stressed the importance of reliable partnerships amid changing global energy dynamics, warning that disruptions along energy shipping routes, such as the Strait of Hormuz, could create supply challenges, particularly for refined products.