February 26, 2025
The Secretary-General of the Organization of the Petroleum Exporting Countries, OPEC, Mr Haitham Al-Ghais, has tasked Africa to unlock its proven oil reserves of over 120 billion barrels.
Al-Ghais, stated this at the ongoing eighth edition of Nigeria International Energy Summit, NIES, 2025 in Abuja, where he delivering a keynote address titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier.”
He said Africa with her around 18 trillion standard cubic metres of natural gas, was a testament to the continent’s crucial and vital role in global energy landscape.
“The world will need more of this oil in the future. Therefore, it is critical that the African oil and gas industry attracts the level of investment necessary to unlock this great potential”, Al-Ghais added.
The OPEC Secretary-General, challenged stakeholders that the vast resources at Africa’s disposal should not be relevant only to accommodate the energy transition agenda pushed by Western nations.
READ MORE; Oil Prices Rise Despite Expected Resumption Of Iraq Export
According to him, OPEC’s market research and forecasting referenced Africa’s importance in global energy.
“Additionally, we know from Nigeria’s countless contributions to OPEC’s successes, how rewarding it is to work in this great nation. We encourage all potential investors to look at Nigeria’s oil and gas industry,”.
Al-Ghais highlighted the strong and enduring relationship between Africa and OPEC noting that half of the organization member countries are from the continent, including Nigeria, the most populous African nation, and Algeria, the largest in geographical size.
He mentioned other African OPEC members to include Congo, Gabon, Equatorial Guinea, and Libya. He commended Africa’s youthful and dynamic population, which represented a strong workforce for the oil sector.
READ MORE; OPEC Oil Output Falls Due To Missed Quotas By Member States
“It’s crucial to discuss how we can unlock the potential that this great continent holds, and how to create an investment-enabling environment that attracts the capital necessary to fully realize that potential.”
“The investment needs of the oil industry are substantial, with cumulative requirements amounting to 17.4 trillion dollars by 2050. “This is why stability in the oil market is essential for investors to plan effectively,” Al-Ghais added.
The eight edition of the energy summit, which began on Monday, would end on Thursday, has as it theme ‘’Bridging continents: Connecting investors with Africa’s Energy Potential’’.
