Nigeria Set to Double Energy Investment in Five Years
Nigeria's energy investment could double in just five years, according to Fatih Birol, the executive director of the International Energy Agency (IEA). Birol made this prediction during a visit to Abuja, where he spoke with Reuters about Nigeria's recent admission as an associate member of the IEA.
Nigeria's membership will bring several benefits, including increased investment and technical cooperation in the energy sector. Birol emphasized that Nigeria needs substantial capital to unlock opportunities across oil, gas, and renewable energy, particularly solar power.
The IEA boss also highlighted the importance of trust in global energy partnerships. He noted that countries are looking for reliable partners they can rely on, and that Nigeria is a credible energy supplier due to its resource base and recent exports from the Dangote refinery, which helped ease fuel-supply pressures in Europe.
Birol attributed geopolitical tensions and disruptions to major energy supply routes as reasons for this shift in global trade flows. He warned that if the Strait of Hormuz does not reopen soon, there may be difficulties in terms of crude oil and product supplies such as diesel and jet fuel.