The International Energy Agency (IEA) has emphasised that Nigeria’s abundant gas reserves have the potential to significantly address Africa’s energy deficit, where approximately 600 million people still lack access to electricity.
The Agency made this position known during a courtesy visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), aimed at strengthening collaboration on upstream sector governance, investment climate, energy transition, and data transparency.
During the visit, the IEA highlighted that even with full development of Africa’s identified gas reserves, global emissions would increase by only 0.5 per cent, underscoring the minimal climate impact of the continent’s gas exploitation.
The Agency commended NUPRC for integrating decarbonization measures into upstream project approvals and for requiring green strategies within Field Development Plans (FDPs), aligning local practices with international standards for low-carbon investment projects.
The IEA also offered Nigeria access to selected market intelligence tools, including the Monthly Oil Market Report, and proposed hosting joint workshops focused on gas monetization and Africa’s energy transition.
Technical-level exchanges between IEA and NUPRC experts were encouraged, alongside support for Nigeria’s participation in high-level international energy forums.
Engr. Gbenga Komolafe, Chief Executive of NUPRC, reaffirmed the Commission’s commitment to transparent regulation, investor confidence, and sustainable development in accordance with the Petroleum Industry Act (PIA) 2021.
He stressed that NUPRC would maintain an open-door policy to facilitate continuous engagement with the IEA and other development partners, positioning Nigeria as a leader in Africa’s energy transition and upstream investment growth.
