Nigeria could double energy investment in five years: IEA
International Energy Agency chief Fatih Birol said Nigeria could double its energy investment within five years as oil agencies seek alternative, trusted oil partners after the wars in Iran and Ukraine disrupted global oil supply.
“My goal is, in a very short period of time, in five years, at least doubling the energy investments Nigeria is receiving today,” Reuters cited Mr Birol as saying in Abuja on Thursday.
The IEA welcomed Nigeria as an associate member in July following unanimous approval from other member states: the U.S., Germany, Italy and Japan.
He said Nigeria’s membership is guaranteed to attract investment as nations are on the lookout for reliable energy partners.
“The most scarce commodity is not oil, not gas, not uranium, not lithium. It is trust. Countries are looking for partners they can rely on,” he said.
He said Nigeria was steadily gaining the trust of other countries, stressing that the Dangote refinery, which processes roughly 700,000 barrels of crude daily, has so far helped ease fuel-supply tensions in Europe amid the wars in Iran and Ukraine.
“If the Strait of Hormuz is not going to open convincingly sometime soon, we may have some difficulties both in terms of crude oil, but especially on products such as diesel and jet fuel,” Mr Birol said.
The IEA and Nigeria plan to sign a joint programme to formalise the alliance in natural gas, electrification, clean cooking, and more.
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