Nigeria could at least double the investment flowing into its energy industry within five years as wars involving Iran and Ukraine force governments to search for more dependable suppliers, according to the head of the International Energy Agency.
IEA Executive Director Fatih Birol set the target during a visit to Abuja, Reuters reported.
Birol said Nigeria’s oil, natural gas and renewable-energy resources could attract governments and private investors seeking alternatives after disruptions to established supply routes.
He described trust as increasingly important in global energy markets and identified Nigeria as a potential reliable partner.
The opportunity is not restricted to crude oil. Birol said Nigeria requires substantial capital for natural gas, electricity and renewable energy, particularly solar power.
