Nigeria's Energy Sector Poised for Doubling of Investment with IEA Membership
Nigeria's energy sector is poised for significant growth following its admission as an associate member of the International Energy Agency (IEA), according to IEA Executive Director Fatih Birol.
Birol, who was speaking during a visit to Abuja, said that Nigeria could double investment into its energy sector within five years. He attributed this potential increase in investment to the country's resource base and shifting global energy trade patterns.
Nigeria, Africa's top oil producer, needs substantial capital to unlock opportunities across oil, gas, and renewable energy, particularly solar power, Birol said. The IEA chief emphasized that Nigeria is a credible energy supplier and has helped ease fuel-supply pressures in Europe through exports from the Dangote refinery.
Birol added that countries are looking for partners they can trust, and he stated that 'the most scarce commodity is not oil, not gas, not uranium, not lithium. It is trust.'