Nigeria becomes an IEA association country — OilPrice
Nigeria has become an association country of the International Energy Agency (IEA). The agency’s governing board approved its accession in June, and in September IEA Executive Director Fatih Birol met in Abuja with Nigerian Vice President Kashim Shettima and Minister of State for Petroleum Resources Ekperikpe Ekpo, OilPrice reports.
Nigeria became the fourth IEA association country in sub-Saharan Africa, after South Africa, Kenya and Senegal. According to the agency, following Nigeria’s accession, it covers more than 80% of global energy demand. The first joint IEA-Nigeria work programme provides for cooperation in energy security, investment, energy data and statistics, energy efficiency, and clean cooking solutions.
Growth in oil production
In June, Nigeria’s crude oil production averaged 1.56 million barrels per day, the highest monthly figure since April 2020. Total oil and condensate production increased for the fourth consecutive month to 1.74 million barrels per day.
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Nigeria’s oil production regulatory commission said the growth was ensured by the stable operation of most production assets and the absence of major pipeline incidents. In August, in its estimate, daily production ranged from 1.64 million to 1.71 million barrels. The publication links the improved figures to efforts against oil theft and sabotage in the Niger Delta.
Oil refining and renewable energy
In September, businessman Aliko Dangote announced plans to list Dangote Petroleum Refinery and Petrochemicals on the stock exchange. If all shares are placed, the refinery’s value could reach nearly $48.8 billion.
At the same time, Nigeria has an energy transition plan that envisages achieving carbon neutrality by 2060. Under government plans, the country must create 277 GW of total installed capacity and more than 104,000 mini-grids by 2030 to develop domestic renewable energy sources. Think tank Ember forecast that Nigeria would install 1.7 GW of solar capacity in 2026.
