IEA chief Fatih Birol says Nigeria could double energy investment in five years
International Energy Agency chief Fatih Birol stated Nigeria aims to double energy investments within five years following its admission as an associate member.
Fatih Birol, chief of the International Energy Agency, told Reuters during a visit to Abuja that Nigeria plans to at least double energy investments over the next five years. Nigeria became an associate member of the Paris-based organization on Thursday, marking its entry into global energy discussions. Birol noted this admission should attract capital and strengthen technical cooperation between nations seeking reliable partners after disruptions from conflicts in Iran and Ukraine. The IEA chief described trust as the most scarce commodity, stating countries prioritize dependable energy suppliers over specific resources like oil or lithium. He highlighted Nigeria's current role in easing fuel pressures in Europe through exports from the Dangote refinery, which processes approximately 700,000 barrels of crude daily. Birol emphasized that Nigeria's resource base combined with shifting trade patterns positions the nation to receive more capital from governments and private investors.
