Nigeria could double investment in its energy sector within the next five years, according to the Executive Director of the International Energy Agency (IEA), Fatih Birol. He made the statement on Thursday, September 3, 2026, during a visit to Abuja.
Birol said Nigeria’s recent admission as an associate member of the IEA could help attract more international investment, strengthen technical cooperation and give the country a stronger voice in global energy discussions.
Nigeria’s energy potential
Nigeria has significant opportunities across oil, natural gas, electricity and renewable energy, particularly solar power. However, developing these resources requires substantial investment in infrastructure and production.
Birol said his goal is to see energy investment in Nigeria at least double within five years, as the IEA works with the Nigerian government to create better conditions for investors.
Nigeria is also targeting an increase in crude oil production to around 3 million barrels per day by 2030. Achieving that target will require continued reforms, better infrastructure, improved security and stronger efforts to reduce oil theft.
Nigeria and IEA sign new agreement
Nigeria and the IEA also signed a Joint Work Programme on Thursday. The agreement is designed to strengthen cooperation in areas including energy data, investment, energy security, gas development, electricity and energy efficiency.
Vice President Kashim Shettima described Nigeria’s admission into the IEA as an important milestone and said the country would benefit from the agency’s expertise and global network.
For Nigeria, increased investment could mean more energy projects, improved electricity supply, additional jobs and greater government revenue. However, attracting the level of investment envisioned by the IEA will depend on maintaining investor confidence and successfully implementing ongoing reforms.
