Nigeria's Energy Investment Poised to Double in Five Years with IEA Membership

Nigeria's energy investment could more than double in five years thanks to its recent membership as an associate member of the International Energy Agency (IEA), according to IEA Executive Director Fatih Birol.

Birol believes that Nigeria's admission will attract investment, deepen technical cooperation, and strengthen its voice in global energy policy discussions. He aims to see at least a doubling of energy investments within the next five years.

Nigeria needs substantial capital to unlock opportunities across various sectors, particularly solar power. The country has a large energy resource base and is positioning itself as a reliable partner for governments and private investors seeking stable energy supplies. Birol noted that 'the most scarce commodity is not oil, not gas, not uranium, not lithium. It is trust. Countries are looking for partners they can rely on.'

Nigeria has been working to increase its crude oil production to 3 million barrels per day by 2030, almost double its current output. The country will also work with the IEA to improve its energy data collection and reporting systems.