IEA chief says Nigeria could double energy investment in five years

Nigeria could double investment in its energy sector within five years following its admission to the International Energy Agency, the organization’s chief Fatih Birol said Thursday during a visit to Abuja.

Birol told Reuters that Nigeria’s new status as an associate member of the Paris-based energy watchdog would help draw investment, strengthen technical cooperation and provide Africa’s largest oil producer with a stronger voice in global energy policy discussions.

"My goal is, in a very short period of time, in five years, at least doubling the energy investments Nigeria is receiving today," Birol said.

The country needs substantial capital to develop opportunities across oil, gas and renewable energy, particularly solar power, according to Birol.

He said Nigeria’s resource base, combined with changing global energy trade patterns, could help attract capital from governments and private investors looking for reliable energy partners. Nations are seeking partners they can "trust" after supply disruptions from the wars in Iran and Ukraine, Birol noted.