Nigeria Aims to Double Energy Investment with IEA Membership

Nigeria's energy investment is projected to double within the next five years after the country became an associate member of the International Energy Agency (IEA) in July. IEA Executive Director Fatih Birol stated this during a visit to Abuja, emphasizing that the membership would facilitate investment attraction, technical cooperation, and enhance Nigeria's global energy policy influence.

Birol highlighted the need for substantial investment to unlock opportunities in oil, gas, and particularly solar energy. He noted Nigeria's large energy resource base and changing global energy trade patterns could make it an attractive partner for investors.

The IEA and the Nigerian Federal Government are set to sign a joint work program focusing on natural gas, electrification, clean cooking, energy efficiency, and energy data development. Birol also mentioned Nigeria's goal of reaching a crude oil production of three million barrels per day by 2030, relying on sector reforms and infrastructure upgrades to combat oil theft and attract foreign capital.