Nigeria Energy Investment May Double in Five Years

Nigeria’s energy investment could double within the next five years following the country’s admission as an associate member of the International Energy Agency, the IEA Executive Director, Fatih Birol, said on Thursday. Birol, who spoke to Reuters during a visit to Abuja, said the country’s membership of the Paris-based energy watchdog would help attract investment, deepen technical cooperation and strengthen Nigeria’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,” Birol said. He said Nigeria needed substantial capital to unlock opportunities across the oil, gas and renewable energy sectors, particularly solar power. According to him, Nigeria’s large energy resource base, coupled with changes in global energy trade patterns, could position the country to attract capital from governments and private investors seeking reliable energy partners.