OPEC Secretary-General Haitham Al-Ghais has called on Africa to capitalize on its vast oil reserves, which exceed 120 billion barrels, emphasizing the continent’s crucial role in the global energy landscape.
Speaking at the Nigeria International Energy Summit 2025 in Abuja, Al-Ghais delivered a keynote address titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier.” The summit’s eighth edition is themed “Bridging Continents: Connecting Investors with Africa’s Energy Potential.”
Al-Ghais highlighted Africa’s extensive natural gas reserves, estimated at 18 trillion standard cubic meters, and stressed the need for significant investment to unlock their full potential.
“The world will increasingly depend on this oil in the future. Africa’s energy sector must attract substantial funding to maximize its benefits,” he stated. He cautioned against sidelining Africa’s vast resources in response to Western-driven energy transition policies.
Expressing gratitude to Nigeria’s leadership and citizens, Al-Ghais commended the summit organizers for their commitment. He cited OPEC research affirming Africa’s growing influence in global energy markets and encouraged investors to explore Nigeria’s oil and gas opportunities.
Al-Ghais also underscored OPEC’s strong ties with Africa, noting that half of its member states—including Nigeria, Algeria, Congo, Gabon, Equatorial Guinea, and Libya—are African nations. He praised the continent’s young and dynamic workforce as a valuable asset for the oil industry.
“Africa must create an investment-friendly environment to attract the capital needed to develop its energy sector,” he emphasized.
According to OPEC, the oil industry will require an estimated $17.4 trillion in investment by 2050. Al-Ghais stressed the importance of a stable oil market to facilitate long-term strategic planning for investors.
He also shared OPEC’s perspectives on critical energy issues, including future oil demand, financing, climate change, and energy transitions.
