Nigeria's energy investment could at least double within five years following its admission as an associate member of the International Energy Agency, IEA Executive Director Fatih Birol said on Thursday during a visit to Abuja.
The Paris-based energy watchdog's new associate status aims to enhance Nigeria's access to capital, deepen technical collaboration, and strengthen the country's role in global energy policy discussions. Nigeria, Africa's largest oil producer, requires substantial funding to develop oil, gas and renewable energy projects, with solar power a key focus.
Birol highlighted Nigeria's resource potential and shifting global energy trade patterns as factors that could attract government and private investment from partners seeking reliable energy suppliers. He noted that current geopolitical disruptions, including supply constraints linked to conflicts in Iran and Ukraine, are driving nations to prioritize trustworthy energy partners.
Nigeria's associate membership in the IEA is part of broader efforts to improve the country's energy sector governance and investment climate. The IEA's engagement follows Nigeria's recent accession to the group, which provides a framework for policy coordination and technical assistance.
Birol set a target for Nigeria's energy investment to reach at least twice its current level within five years, underscoring the IEA's role in facilitating this growth through policy support and international cooperation.
