Africa’s 120bn barrel oil reserves key to global supply-OPEC
The Organisation of Petroleum Exporting Countries (OPEC) has declared that Africa’s vast oil and gas reserves will remain a crucial pillar of global energy supply, urging the continent’s leaders to create favourable conditions for increased investment in the sector.
OPEC Secretary-General Haitham Al-Ghais, speaking at the Nigeria International Energy Summit (NIES) 2025 in Abuja, emphasised that with over 120 billion barrels of proven oil reserves, Africa has the potential to drive future energy security.
However, he warned that failing to harness this wealth through strategic policies and investments could stifle economic growth.
“Africa will play a decisive role in the world’s energy future. The demand for oil is not disappearing—it is evolving. The challenge for African nations is to ensure that this demand translates into tangible economic benefits,” Al-Ghais stated.
READ ALSO: Tinubu congratulates Aiyedatiwa on new term
He criticised what he called unrealistic global energy targets and arbitrary carbon reduction deadlines, arguing that they threaten Africa’s economic stability. “The world is being bombarded with misguided policies and extreme energy transition agendas that disregard the realities of developing economies. If Africa follows such calls blindly, the consequences could be dire,” he cautioned.
Al-Ghais urged African governments to strike a balance between energy security, economic development, and responsible emission reductions.
He, therefore, stressed that while a just energy transition is necessary, it should not come at the expense of the continent’s right to develop its fossil fuel resources.
As debates on global energy transition intensify, African policymakers remain divided—some advocating for a gradual shift that accommodates economic growth, while others insist that Africa must prioritise fully leveraging its fossil fuel wealth before embracing cleaner alternatives.
OPEC’s message is clear: Africa holds the key to the future of global oil supply, but its leaders must act decisively to attract investments, protect energy interests, and shape policies that align with the continent’s long-term economic aspirations.
