(Naija247news, Abuja, Feb. 26, 2025) – The Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, has urged African nations to unlock their proven oil reserves of over 120 billion barrels and attract critical investments in the energy sector.
Thank you for reading this post, don't forget to subscribe!Speaking at the Nigeria International Energy Summit (NIES) 2025 in Abuja, Al-Ghais emphasized Africa’s strategic role in the global energy landscape, citing its 18 trillion standard cubic meters of natural gas as proof of its vast potential.
“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,” he stated.
Balancing Energy Transition with Africa’s Oil Potential
Al-Ghais cautioned against neglecting Africa’s vast energy resources in favor of Western-driven energy transition policies. He called for a balanced approach that ensures the continent maximizes its natural wealth while addressing climate concerns.
He acknowledged Nigeria’s pivotal role in OPEC and urged investors to explore the country’s oil and gas industry, highlighting its strong and dynamic workforce as a key asset.
Africa’s Role in OPEC and Energy Investment Needs
Al-Ghais noted that half of OPEC’s members are African nations, including Nigeria, Algeria, Libya, Congo, Gabon, and Equatorial Guinea. He stressed that creating a stable and investment-friendly environment is crucial to attracting the necessary $17.4 trillion in oil industry investments by 2050.
“Stability in the oil market is essential for investors to plan effectively,” he added, emphasizing OPEC’s commitment to ensuring long-term market stability.
As Africa looks to scale its energy frontier, Al-Ghais encouraged cross-continental partnerships and investments that will enable the continent to fully realize its energy potential and contribute to global energy security.
