The Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, has called on Africa to unlock its vast oil reserves, estimated at over 120 billion barrels. Al-Ghais made this statement while delivering a keynote address at the ongoing Nigeria International Energy Summit 2025 in Abuja, Nigeria.
Africa’s oil reserves are a crucial component of the global energy landscape, with the continent holding around 18 trillion standard cubic meters of natural gas. Al-Ghais emphasized that the world will need more oil in the future, making it essential for Africa to attract investments necessary to unlock its potential.
OPEC’s strong ties with Africa are evident, with half of its member countries hailing from the continent, including Nigeria, Algeria, Congo, Gabon, Equatorial Guinea, and Libya. Al-Ghais praised Africa’s youthful and dynamic population, which presents a significant workforce for the oil sector.
To fully realize Africa’s potential, Al-Ghais stressed the importance of creating an investment-enabling environment. The oil industry’s investment needs are substantial, with cumulative requirements projected to reach $17.4 trillion by 2050. Stability in the oil market is crucial for investors to plan effectively.
OPEC’s views on global oil demand, energy investment, finance, climate change, and energy transitions were also highlighted by Al-Ghais. He encouraged potential investors to explore Nigeria’s oil and gas industry, citing the country’s contributions to OPEC’s successes.
In conclusion, OPEC’s call to action for Africa to develop its 120 billion barrels of oil reserves is a significant opportunity for the continent to unlock its energy potential and contribute to the global energy landscape.