Nigeria could double investment in its energy sector within five years as its new partnership with the International Energy Agency (IEA) opens opportunities for greater capital inflows and technical cooperation, IEA Executive Director Fatih Birol said on Thursday, September 3, 2026.
Speaking in Abuja during a visit to Nigeria, Birol told Reuters that his goal was to see energy investment in the country at least double within five years, citing Nigeria’s oil, gas and renewable energy potential and the growing importance of reliable energy suppliers.
“My goal is, in a very short period of time, in five years, at least doubling the energy investments Nigeria is receiving today,” Birol said.
Nigeria’s admission as an IEA Association Country was unanimously approved by the agency’s Governing Board on July 2, 2026. The IEA said the move would deepen cooperation with Africa’s most populous country and major oil and gas producer.
On Thursday, September 3, Vice President Kashim Shettima represented President Bola Tinubu at the signing in Abuja of a Joint Work Programme between Nigeria and the IEA. The agreement is designed to strengthen cooperation on energy data, policy, investment and energy security.
Shettima described Nigeria’s admission as “a significant milestone,” saying the country would benefit from the IEA’s institutional knowledge, technical expertise and global reach.
Birol said the agency would provide policy advice and technical assistance in areas including clean cooking, gas markets and training for Nigerian energy professionals. Better energy data would also support policymaking and investment decisions across the energy value chain.
Nigeria is simultaneously seeking to raise crude oil production to 3 million barrels per day by 2030, with the government relying on sector reforms, infrastructure investment and improved security to attract capital and reduce production losses.
The country’s refining capacity is also expanding. The U.S. Energy Information Administration said on August 24, 2026, that Nigeria’s seaborne petroleum-product exports averaged 350,000 barrels per day in the second quarter of 2026, while exports to Europe reached 130,000 barrels per day, up from 15,000 b/d in 2023. The increase was driven largely by the Dangote refinery.
Birol, however, warned that geopolitical disruptions could continue to reshape global energy markets, particularly if shipping through the Strait of Hormuz remains constrained.
Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo attributed Nigeria’s IEA admission to reforms by the Tinubu administration, saying they demonstrated the government’s commitment to transforming the economy and energy sector.
