The Secretary-General of the Organisation of the Petroleum Exporting Countries, Mr. Haitham Al-Ghais, has called on Africa to unlock its vast oil potential, emphasizing the need for increased investment in the continent’s energy sector.
Al-Ghais made this appeal while delivering a keynote address at the ongoing Nigeria International Energy Summit 2025 in Abuja on Tuesday.
His speech, titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier,” underscored Africa’s strategic importance in the global energy market.
The eighth edition of the summit, which commenced on Monday and will conclude on Thursday, is themed “Bridging Continents: Connecting Investors with Africa’s Energy Potential.”
With Africa holding approximately 18 trillion standard cubic meters of natural gas, Al-Ghais noted that the continent plays a vital role in shaping the global energy landscape.
“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.
He further urged African nations not to sideline their rich hydrocarbon resources in response to Western-led energy transition policies.
Expressing gratitude to Nigeria’s leadership and people for their hospitality, he commended the summit organizers for their efforts in facilitating dialogue on Africa’s energy future.
According to Al-Ghais, OPEC’s market research and forecasts highlight Africa’s growing significance.
“Additionally, we know from Nigeria’s countless contributions to OPEC’s successes, how rewarding it is to work in this great nation. We encourage all potential investors to look at Nigeria’s oil and gas industry,” he remarked.
Highlighting the strong partnership between OPEC and Africa, he noted that half of OPEC’s member states are African nations, including Nigeria—the continent’s most populous country—and Algeria, the largest by landmass. Other African OPEC members include Libya, Gabon, Equatorial Guinea, and Congo.
Al-Ghais also recognized Africa’s youthful and vibrant population, describing it as a valuable asset for the energy sector.
“It’s crucial to discuss how we can unlock the potential that this great continent holds, and how to create an investment-enabling environment that attracts the capital necessary to fully realize that potential,” he added.
He further stressed that oil industry investment demands remain substantial, with cumulative funding requirements projected to reach $17.4 trillion by 2050.
“This is why stability in the oil market is essential for investors to plan effectively,” he emphasized.
In his address, Al-Ghais also shared OPEC’s perspective on key global energy issues, including future oil demand, financing, and climate change policies, reaffirming the organization’s commitment to Africa’s energy growth.
