OPEC Secretary-General Haitham Al-Ghais has urged Africa to unlock its proven oil reserves, which exceed 120 billion barrels.
Al-Ghais emphasized this point while delivering a keynote address titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier” at the Nigeria International Energy Summit 2025 in Abuja.
The eighth edition of the summit carries the theme “Bridging Continents: Connecting Investors with Africa’s Energy Potential.”
He noted that Africa’s vast natural gas reserves, totaling around 18 trillion standard cubic meters, highlight the continent’s critical role in the global energy sector.
“The world will increasingly rely on this oil in the future. To harness its full potential, Africa’s oil and gas sector must attract substantial investment,” Al-Ghais stated.
He urged African nations not to neglect their abundant resources in response to the energy transition agenda promoted by Western nations.
The secretary-general expressed gratitude to Nigeria’s leadership and citizens for their hospitality and commended the summit organizers for their dedication.
He cited OPEC’s research, which underscores Africa’s growing importance in the global energy landscape.
“Nigeria’s contributions to OPEC’s success demonstrate the benefits of engaging with this great nation. We encourage investors to explore Nigeria’s oil and gas opportunities,” he added.
Al-Ghais emphasized OPEC’s strong ties with Africa, pointing out that half of its member countries—including Nigeria, Algeria, Congo, Gabon, Equatorial Guinea, and Libya—are African nations.
He praised Africa’s young and dynamic population, describing it as a valuable workforce for the oil industry.
“We must explore ways to unlock Africa’s vast potential and create an investment-friendly environment that attracts the necessary capital,” he stated.
“The oil sector requires substantial funding, with projected investment needs reaching $17.4 trillion by 2050,” he added.
He stressed the need for a stable oil market to enable investors to plan strategically.
Al-Ghais also shared OPEC’s perspectives on key global energy issues, including future oil demand, investment strategies, financing, climate change, and energy transitions.
Source:punchng.com
