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OPEC Secretary General, Haitham Al Ghais
The Secretary-General of the Organisation of the Petroleum Exporting Countries, Haitham Al-Ghais, has reaffirmed the organisation’s commitment to unlocking Africa’s full oil potential, emphasising that it remains a top priority for OPEC.
Speaking during the opening ceremony of the eighth edition of the Nigerian International Energy Summit on Tuesday in Abuja, Al-Ghais stated that the event perfectly reflects OPEC’s mission to link global investors with Africa’s untapped energy resources.
Al-Ghais said, “I would like to congratulate the organisers for selecting such an important theme, one that aligns closely with OPEC’s objectives.
“Unlocking the full potential of this great continent is a top priority for OPEC, and we will continue to work closely with the Nigerian government and our other African members to achieve this goal.”
He highlighted the strong and enduring relationship between OPEC and Africa, noting that half of OPEC’s member countries are from the continent, including Nigeria, the most populous African nation, and Algeria, the largest in geographical size. Other African OPEC members include Congo, Gabon, Equatorial Guinea, and Libya.
He emphasised Africa’s significant oil reserves, with proven reserves amounting to approximately 120 billion barrels.
Al-Ghais also cautioned against disregarding the continent’s vast resources merely to align with the energy transition agenda promoted by Western nations.
He pointed to Africa’s youthful and dynamic population, which presents a strong workforce for the oil sector. “It’s crucial to discuss how we can unlock the potential of this great continent and create an investment-enabling environment that attracts the capital necessary to fully realise that potential,” he said.
The Secretary-General also underscored the importance of long-term stability in the oil market, which remains 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.
He concluded by expressing optimism about the future of Africa’s oil industry, with OPEC looking forward to supporting the continent’s efforts to leverage its abundant natural resources for economic growth and energy security.
Similarly, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, stated that given Nigeria’s abundant resources, the federal government’s $1 trillion economy target is less ambitious than it should be 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.
“Oil will remain a significant energy source even by 2050, contributing over 29 per cent of the global energy mix, with demand still at least 100 million barrels per day. We understand its importance, and the world recognises Africa as the next destination for greater support in the energy markets.
“As we all know, Nigeria has the largest economy in Africa — that is not in dispute — but we have the potential to grow even bigger. I believe the $1 trillion GDP target is too modest. The projections show that Nigeria can surpass this figure. After all, $1 trillion is merely the balance sheet of one IT company elsewhere.
“This country has the potential to do much better, and this industry will surely be the biggest contributor to that development. And that is already happening,” Kyari stated.
Speaking further, Kyari noted that Nigeria’s gas resources are currently being harnessed to address gaps in citizens’ access to clean cooking fuel and electricity.
He explained that for Nigeria, gas is not just a transition fuel but a better alternative fuel. Hence, the government remains committed to developing gas infrastructure to ensure a steady supply for the domestic market.
In his remarks, the Permanent Secretary of the Ministry of Petroleum Resources, Nicholas Ella, explained that Nigeria is focused on leveraging its vast natural gas resources as a feedstock for blue hydrogen while exploring green hydrogen opportunities powered by renewables.
The summit, which is expected to continue until Thursday, is themed “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential.”
