Nigeria could double investment into its energy sector within five years after joining the International Energy Agency, its chief Fatih Birol said on Thursday, as nations seek partners they can "trust" after
Nigeria could double investment into its energy sector within five years after joining the International Energy Agency, its chief Fatih Birol said on Thursday, as nations seek partners they can "trust" after supply disruptions from the wars in Iran and Ukraine.
Speaking during a visit to Abuja, Birol told Reuters that Nigeria's admission as an associate member of the Paris-based energy watchdog would help attract investment, deepen technical cooperation and give Africa's largest oil producer 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.
Nigeria, Africa's top oil producer, needs substantial capital to unlock opportunities across oil, gas and renewable energy, particularly solar power, he said.
Birol said Nigeria's resource base, together with shifting global energy trade patterns, could help attract capital from governments and private investors seeking reliable energy partners.
"The most scarce commodity is not oil, not gas, not uranium, not lithium. It is trust," he said. "Countries are looking for partners they can rely on."
He described Nigeria as a credible energy supplier and said exports from the Dangote refinery, which processes about
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