Nigeria, a major producer of oil and natural gas and one of Africa’s most dynamic renewable energy markets, has joined the International Energy Agency (IEA). This is a major step forward for global energy governance.
Despite having the 11th largest oil reserves in the world, Nigeria faces significant energy challenges, including expanding access to reliable and affordable energy services for millions of people who currently lack electricity and clean cooking solutions.
The IEA stated that Nigeria’s growing role in international energy markets has been highlighted by recent developments in its refining sector. During recent periods of market disruption, increased fuel exports from Nigeria helped strengthen resilience in African and international fuel markets.
The West Africa country has also emerged as one of the world’s fastest-growing markets for decentralised solar solutions and is stepping up efforts to expand access to electricity and clean cooking.
Fatih Birol, IEA Executive Director, welcomed Nigeria. “Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance. As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA.”
Ekperikpe Ekpo, Nigeria’s Minister of State for Petroleum Resources (Gas), stated that it is an honour for Nigeria to join this leading energy agency. “I will take this opportunity to encourage the African continent to embrace the IEA, as we all work together to achieve key development goals including universal energy access and industrialization.”
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Nigeria Resilient Market
It should be noted that Nigeria’s energy markets were in the spotlight during the recent Iran war. During recent periods of market disruption, increased fuel exports from Nigeria helped strengthen resilience in African and international fuel markets.
The country has also emerged as one of the world’s fastest-growing markets for decentralised solar solutions and is stepping up efforts to expand access to electricity and clean cooking.
Nigeria and the IEA will work more closely across a wide range of energy issues, including on the Agency’s engagement in sub-Saharan Africa.
Created in 2015, the IEA Association programme allows the Agency to deepen ties with its partner countries, bringing together major energy-producing and consuming countries from around the world.
