The Executive Director of the International Energy Agency, Faith Birol, says Nigeria’s investment in its energy sector could double within five years as an associate member.
He told Reuters on Thursday in Abuja that Nigeria’s admission as an associate member of the Paris-based agency could attract foreign investment into the country.
Nigeria was admitted as the 14th associate member of the IEA in July after the US, Germany, Italy and other member states unanimously voted in its favour. With this, Nigeria became the first member of the Organisation of Petroleum Exporting Countries (OPEC) to join the IEA.
Mr Birol said this new arrangement would give Nigeria, Africa’s largest oil producer, a stronger voice in global energy policy conversations.
Nigeria hopes to double investment in its energy sector within five years, and the IEA would help achieve this goal, according to Mr Birol.
