The Organization of the Petroleum Exporting Countries (OPEC) is prioritizing the unlocking of Africa’s full oil potential, with Secretary General Haitham Al-Ghais emphasizing the continent’s significant oil reserves of approximately 120 billion barrels. Al-Ghais stressed that Africa’s vast resources should not be disregarded or neglected to accommodate the energy transition agenda pushed by Western nations.
Speaking during the opening ceremony of the eighth edition of the Nigerian International Energy Summit, Al-Ghais stated that OPEC’s commitment to unlocking Africa’s oil potential remains a top priority. He highlighted the strong and enduring relationship between OPEC and Africa, with half of OPEC’s member countries coming from the continent, including Nigeria and Algeria.
Al-Ghais emphasized the importance of long-term stability in the oil market, which is a key focus of OPEC’s mission. “The investment needs of the oil industry are substantial, with cumulative requirements amounting to $17.4 trillion by 2050. This is why stability in the oil market is essential for investors to plan effectively,” he added.
Nigeria, in particular, is poised for growth in its oil and gas sector, with President Bola Tinubu declaring it a key destination for sustainable investments. The government has implemented extensive reforms to foster a business-friendly environment, including simplifying tax regulations, offering incentives, and ensuring a transparent fiscal framework.
Some of the key investment opportunities in Nigeria’s oil and gas sector include upstream oil and gas investment, natural gas development, and renewable energy. The country is focused on leveraging its vast natural gas resources as a feedstock for blue hydrogen while exploring green hydrogen opportunities powered by renewables.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, stated that given the abundant resources in Nigeria, the federal government’s $1 trillion economy target has become less ambitious and should be revised upwards. According to him, Nigeria is a major producer of petroleum products in Africa, placing it in an advantageous position to grow its economy beyond the $1 trillion target.
Overall, OPEC’s commitment to unlocking Africa’s oil potential, combined with Nigeria’s efforts to create a business-friendly environment, make the continent an attractive destination for sustainable investments in the oil and gas sector. As Al-Ghais noted, “Unlocking the full potential of this great continent is an utmost priority for OPEC, and we will continue to work closely with the Nigerian government and our other African members to achieve this goal.”
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