Birol: Nigeria could double energy investment in five years
IEA Executive Director Fatih Birol announced that Nigeria could double its energy sector investment within five years following its recent associate membership with the agency. The initiative aims to boost oil production and expand renewable energy infrastructure through policy reforms and data improvements.
Why it matters
Increased investment in Nigeria's energy sector is critical for the country's economic growth and global energy supply stability.
--> Nigeria could at least double investment in its energy sector within five years after joining the International Energy Agency, IEA Executive Director Fatih Birol said during a visit to Abuja.
As TimesLIVE reports , Nigeria became an associate member of the Paris-based agency in July. Its application was unanimously approved by IEA member states, including the United States, Germany, Italy and Japan.
According to Birol, associate membership will help attract capital, deepen technical cooperation and strengthen Nigeria's voice in discussions on global energy policy. He noted that the country needs significant investment to realize opportunities in the oil and gas sectors and renewable energy, including solar power.
“My goal is to at least double the energy investment Nigeria receives today in a very short period, in five years,” the IEA chief said.
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