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🇳🇬 Nigeria /Energy & Infrastructure

Nigeria’s energy investment could double in five years, IEA chief says

From The Punch · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Named sources New plan
  • Nigeria’s energy investment could double within five years after the country joined the International Energy Agency as an associate member, IEA Executive Director Fatih Birol said.
  • Birol said membership could attract capital and expand cooperation in oil, gas, solar power, electrification and energy data.
  • Nigeria is targeting crude production of 3 million barrels per day by 2030 while pursuing reforms, infrastructure upgrades and improved security.

Fatih Birol wants Nigeria to double its energy investment within five years. The IEA executive director set that target during a Reuters interview in Abuja after Nigeria became an associate member of the agency.

“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. He said Nigeria needed substantial capital to develop opportunities across oil, gas and renewable energy, particularly solar power.

Birol described the membership as a way to attract investment, deepen technical cooperation and give Nigeria a stronger voice in global energy policy discussions. He said the country’s extensive energy resources and shifts in global trade could help it attract governments and private investors looking for dependable partners.

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

· Fatih BirolThe IEA executive director described his investment target for Nigeria in a Reuters interview.

“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,” he said. Birol also called Nigeria a credible energy supplier and said exports from the Dangote Petroleum Refinery had helped ease fuel supply pressures in Europe in recent months. The refinery processes about 700,000 barrels of crude per day.

Nigeria joined the IEA as an associate member in July after unanimous approval from member countries, including the United States, Germany, Italy and Japan. The agency and the federal government are expected to sign a work programme covering natural gas, electrification, clean cooking, energy efficiency and energy data. Nigeria also plans to improve energy data collection and reporting, an area investors have identified as weak, especially for oil production, exports and consumption. The country is targeting crude output of 3 million barrels per day by 2030 and is relying on energy reforms, infrastructure improvements and better security to attract foreign capital.

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.

· Fatih BirolBirol said reliable partnerships would determine whether countries could attract energy investment.
About this summary

Originally published by The Punch in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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