Nigeria becomes first OPEC member to join IEA as associate member

Nigeria has become the first OPEC member to join the International Energy Agency as an associate member, a step that deepens ties between the global energy watchdog and Africa’s largest oil producer.

The move adds to the IEA’s network a country of more than 240 million people that is a major oil and gas exporter but still faces severe domestic energy challenges, including limited electricity access and reliance on polluting cooking fuels.

Nigeria is seeking to expand its influence through higher refining capacity and fuel exports while the IEA wants to broaden its reach among major emerging energy players.

The IEA said on Thursday that its governing board unanimously approved Nigeria’s entry, expanding a network that now represents more than 80% of global energy demand.

“Nigeria becoming part of the world’s energy authority marks a milestone for global energy governance,” IEA Executive Director Fatih Birol said in a statement.

“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,” he added.

The IEA, created by major oil-consuming nations, has become one of the world’s most influential energy policy organisations. Its association programme aims to strengthen ties with major energy-producing and energy-consuming countries outside its membership. Nigeria is its 14th associate member.

Source: CNBC