Nigeria Welcomed into IEA as Major Energy Power

Nigeria has solidified its position as a major energy power in Africa after being welcomed as an Association country by the International Energy Agency (IEA). The IEA's Governing Board made this decision in June, with Nigeria joining South Africa, Kenya, and Senegal as an IEA Association country in sub-Saharan Africa.

The Nigerian National Petroleum Company Limited (NNPCL) has been working alongside international oil companies to produce and export the country's oil and gas resources. In recent years, Nigeria has seen a significant increase in crude production, with June seeing a six-year high of 1.56 million barrels per day (bpd).

The IEA has also recognized Nigeria's commitment to its green transition goals, including achieving carbon neutrality by 2060. The government aims to generate $686.8 billion in fuel cost savings by 2060 through the development of domestic renewables.