IEA Chief Sets Five-Year Goal to Double Energy Investment in Nigeria

en.Wedoany.com Reported - On September 3, Fatih Birol, Executive Director of the International Energy Agency (IEA), stated in Abuja, Nigeria's capital, that his goal is to attract at least twice the current level of investment in Nigeria's energy sector within the next five years. The funding needs cover oil, natural gas, and renewable energy, with solar power identified as a key investment priority. Birol linked this target to the cooperation framework established after Nigeria's accession to the IEA's association country mechanism.

The IEA Governing Board unanimously agreed on July 2 to admit Nigeria as an Association country into the IEA cooperation system. The IEA confirmed that the scope of cooperation will cover energy security, energy data and statistics, energy policy analysis, technical training, and capacity building. Following Nigeria's accession, IEA member and association countries now account for over 80% of global energy demand.

Birol stated that Nigeria still requires substantial capital to develop its oil, gas, and renewable energy resources. The IEA and Nigeria are advancing a joint work plan covering natural gas development, electrification, clean cooking, energy efficiency, and the development of energy data systems. Energy data cooperation will involve systems for collecting and reporting data on oil production, exports, and consumption.

In the oil and gas sector, Nigeria plans to increase crude oil production to approximately 3 million barrels per day by 2030—nearly double current levels—while attracting investment through energy sector reforms, infrastructure upgrades, and improved oilfield security. Birol also noted that global energy trade flows are shifting, with increased demand from governments and private capital for stable energy suppliers, and that Nigeria's oil and gas resources, refining capacity, and renewable energy potential all fall within the scope of potential investment.

Nigeria's downstream refining capacity has also entered the international refined products supply system. Birol mentioned that the Dangote Refinery currently processes approximately 700,000 barrels of crude oil per day, and its recent refined product exports have reached European markets. The IEA has also previously identified Nigeria as one of the faster-growing markets for distributed solar energy globally, and has included expanding electricity access and clean cooking coverage in the scope of subsequent bilateral cooperation.