ABUJA, Nigeria — Nigeria could double investment into its energy sector within the next five years following its admission into the International Energy Agency (IEA) as an associate member, according to IEA Executive Director Fatih Birol.
Speaking during a visit to Abuja, Birol said Nigeria’s membership in the Paris-based energy organisation would strengthen investment opportunities, deepen technical cooperation, and provide the country with a stronger voice in global energy 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 largest oil producer, requires significant capital to unlock opportunities across oil, gas, and renewable energy sectors, particularly solar power. According to Birol, the country’s extensive energy resources, combined with shifting global energy dynamics, could position it as a strategic destination for governments and private investors seeking reliable energy partnerships.
“The most scarce commodity is not oil, not gas, not uranium, not lithium. It is trust,” Birol said, noting that countries around the world are increasingly prioritising dependable partners amid disruptions in global energy supply chains.
He described Nigeria as a credible energy supplier and highlighted the role of the Dangote Refinery, which processes approximately 700,000 barrels of crude oil per day, in easing fuel supply pressures in international markets.
Nigeria’s Energy Expansion Ambitions
Nigeria is targeting a significant expansion of its energy production capacity, with plans to increase oil output to 3 million barrels per day by 2030.
The country is relying on energy sector reforms, infrastructure development, and improved security measures to address challenges such as oil theft and attract foreign investment after years of underinvestment.
Nigeria became an associate member of the IEA in July after its application received unanimous approval from member countries, including the United States, Germany, Italy, and Japan.
The partnership between Nigeria and the IEA is expected to include a joint work programme focused on natural gas development, electrification, clean cooking solutions, energy efficiency, and improved energy data systems.
Investment, Workforce and Economic Growth
As Nigeria seeks to position itself as a leading energy market, increased investment will require more than natural resources alone. Developing the infrastructure, technical capabilities, and skilled workforce needed to support expansion will be critical to translating energy growth into broader economic opportunities.
The country’s ability to attract sustained investment could have significant implications for job creation, industrial development, and Africa’s wider energy transition.
With global investors increasingly evaluating markets based on stability, capacity, and long-term partnerships, Nigeria’s next phase of energy development will depend on how effectively it converts its resource advantage into sustainable economic growth.