By Adedapo Adesanya
Nigeria could double investment in its energy sector within the next five years, the Executive Director of the International Energy Agency (IEA), Mr Fatih Birol, has said.
Mr Birol made the projection on Thursday during a visit to Abuja, noting that Nigeria’s recent admission as an associate member of the Paris-based energy group could help attract more investment, deepen technical cooperation and strengthen the country’s 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,” Mr Birol said.
According to him, Nigeria requires substantial capital to unlock opportunities across its oil, gas and renewable energy sectors, particularly solar power.
He also said Nigeria’s extensive energy resources, combined with changes in global energy trade patterns, could position the country to attract investment from governments and private-sector players seeking reliable energy partners.
“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,” Mr Birol said.
The IEA chief described Nigeria as a credible energy supplier and noted that exports from the Dangote Petroleum Refinery, which processes about 700,000 barrels of crude oil per day, had helped ease fuel-supply pressures in Europe in recent months.
His visit comes after Nigeria became an associate member of the IEA in July following the agency’s member countries unanimously approving the country’s application.
Mr Birol said the new relationship was expected to support cooperation in areas including natural gas, electrification, clean cooking, energy efficiency and energy data development.
Nigeria is also targeting an increase in crude oil production to three million barrels per day by 2030, nearly double current output. The government is relying on reforms in the energy sector, infrastructure upgrades and improved security to attract fresh investment after years of underinvestment.
The IEA and Nigeria are expected to develop a joint work programme, including efforts to improve the country’s energy data collection and reporting systems, which investors and market participants have identified as a longstanding weakness.
Mr Birol also warned that continued disruption to the Strait of Hormuz could create challenges for global energy supplies, particularly diesel and jet fuel.
“If the Strait of Hormuz is not going to open convincingly sometime soon, we may have some difficulties both in terms of crude oil, but especially on products such as diesel and jet fuel,” he said.
