Nigeria could double its energy investment within five years following its new partnership with the International Energy Agency (IEA).
IEA Executive Director, Fatih Birol, made the projection during a visit to Abuja. He said Nigeria’s new status as an IEA Association country could help attract more private and government investment.
Birol said his goal is to see energy investment in Nigeria double within five years. He said the IEA would support Nigeria with technical expertise, policy advice and access to its global network of investors and energy companies.
Nigeria plans to increase crude oil production to almost 3 million barrels per day by 2030.
The government hopes to achieve the target through energy reforms, infrastructure upgrades and stronger security. It also wants to reduce crude oil theft and attract fresh capital into the sector.
Birol said Nigeria has major opportunities in oil, gas and renewable energy, especially solar power.
The IEA Governing Board approved Nigeria’s admission as an Association country in July 2026.
The decision allows Nigeria to deepen cooperation with the agency on energy security, gas, electricity, clean cooking, energy efficiency and renewable energy.
The IEA said its wider family now represents more than 80 per cent of global energy demand. Nigeria joined 13 other Association countries at the time of its admission.
Nigeria and the IEA will also work to improve the country’s energy data systems.
The programme will focus on areas such as oil production, exports and domestic energy consumption.
Better data could help investors assess projects and risks. It could also support stronger government policy and planning.
Birol also described Nigeria as a credible energy supplier.
He highlighted the Dangote refinery, which has a processing capacity of about 700,000 barrels of crude per day.
The IEA chief said the refinery’s exports have helped ease fuel supply pressures in Europe in recent months.
Despite the new partnership, Nigeria must still address challenges that have discouraged investors.
Birol said the country needs predictable policies, transparency and a stable investment environment.
For Nigeria, the key challenge is now turning its IEA partnership and vast energy resources into higher investment, stronger production and improved energy access.
