OPEC Chief Urges Africa to Tap into Its Oil Reserves at Nigeria International Energy Summit 2025
At the ongoing Nigeria International Energy Summit 2025 in Abuja, OPEC Secretary-General Mr. Haitham Al-Ghais emphasized the importance of Africa in the global energy market, citing the continent’s proven oil reserves of over 120 billion barrels. His keynote address, titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier,” highlighted Africa’s potential in addressing future energy demands.
The summit’s theme for its eighth edition, which commenced on Monday and will conclude on Thursday, is “Bridging Continents: Connecting Investors with Africa’s Energy Potential.” In his address, Al-Ghais underscored the need for the African oil and gas sector to attract significant investment to fully unlock its vast resources.
He pointed out Africa’s substantial natural gas reserves, estimated at around 18 trillion standard cubic meters, reaffirming the continent’s critical role in the international energy arena. “The global demand for oil will continue to rise, making it imperative for the African oil and gas sector to secure the investment necessary to unleash this potential,” Al-Ghais remarked.
The Secretary-General urged that Africa’s abundant resources should not be overlooked in favor of energy transition agendas promoted by Western nations. He expressed gratitude toward Nigeria’s leadership and citizens for their warm hospitality and acknowledged the efforts of the summit organizers in bringing together diverse stakeholders.
Citing OPEC’s market analysis, Al-Ghais articulated Africa’s significance in future energy discussions. He recognized Nigeria’s vital contributions to OPEC’s achievements and encouraged prospective investors to consider the opportunities within Nigeria’s oil and gas industry.
Notably, he reflected on the strong ties between OPEC and Africa, where half of the organization’s members originate, including Nigeria—the continent’s most populous nation—and Algeria, the largest by area. Other notable African members include Congo, Gabon, Equatorial Guinea, and Libya.
Al-Ghais praised Africa’s youthful and dynamic workforce, identifying it as a key asset for the oil industry. He stressed the necessity of creating an investment-friendly environment to draw in the capital required to realize Africa’s energy potential.
He also addressed the significant financial demands of the oil sector, which are projected to reach $17.4 trillion by 2050. “Stability in the oil market is crucial for investors to plan and execute their strategies effectively,” he said.
In his address, Al-Ghais covered various pertinent topics including the future of global oil demand, investment strategies, financing mechanisms, and the ongoing challenges posed by climate change and the energy transition.
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