IEA Executive Director Predicts Nigeria Could Double Energy Investment Amid Global Conflicts
Fatih Birol, Executive Director of the International Energy Agency (IEA), stated during a visit to Abuja that Nigeria has the potential to double its energy investment within the next five years. This projection is attributed to the ongoing conflicts in Iran and Ukraine, which have disrupted established energy supply routes and increased the global demand for alternative, reliable energy partners. Birol highlighted Nigeria's rich resources in oil, natural gas, and renewable energy, particularly solar power, as key attractions for governments and private investors seeking new sources. Nigeria recently became an IEA Association country, a status that facilitates deeper cooperation, policy discussions, and technical support with the organization. During Birol's visit, Nigeria and the IEA signed a Joint Work Programme focusing on energy data, gas development, electrification, and energy efficiency. Improved data accuracy is expected to help investors better assess demand, production, and project risks, address...