Nigeria, the largest oil producer in Sub-Saharan Africa, has become an associate member of the International Energy Agency (IEA), making it one of six African countries affiliated with the organization, which is overseen by the Organization for Economic Cooperation and Development (OECD).
“With a population of more than 240 million people and one of the continent’s largest economies, Nigeria is a major producer of oil and natural gas, as well as one of Africa’s most dynamic renewable energy markets,” the agency wrote in a statement cited by the Spanish news agency Efe.
Nevertheless, the statement adds, the country faces “significant energy challenges,” such as expanding its power grid to make it more “reliable and secure.”
“As Nigeria works to strengthen energy security, boost economic growth, and expand access to energy, closer cooperation with the IEA will bring significant benefits to both parties,” said IEA Executive Director Fatih Birol, quoted in the statement, who praised the African country for its contribution to stability: “During recent periods of market instability, Nigeria’s increased fuel exports have helped strengthen the resilience of African and international markets.”
With its admission, Nigeria becomes one of six African countries associated with the IEA, along with Egypt, Kenya, Morocco, Senegal, and South Africa.
This status allows them to participate in certain meetings of the International Energy Agency and to benefit from greater opportunities for collaboration with the organization on energy security and analysis, as well as priority access to the agency’s training programs and activities; it is a prerequisite for full membership.
To qualify for this status, a country must be a member of the OECD and possess crude oil reserves equivalent to three months of its annual imports, as well as the legislative capacity to reduce energy consumption and address potential emergencies.
In total, the IEA has 32 full member states, and six other countries are currently being considered for full membership: Brazil, Chile, Colombia, Costa Rica, Israel, and Romania.
The International Energy Agency is the body within the Organization for Economic Cooperation and Development tasked with ensuring global access to energy since its founding in 1974, when it was created to address the oil crisis of the previous year.
Source: Lusa
