Today in Abuja, the fourth High-Level Meeting of the OPEC–Africa Energy Dialogue was held on the side lines of the 8th Nigeria International Energy Summit (NIES), under the gracious patronage of HE Bola Ahmed Tinubu, President of Nigeria.
The meeting was co-chaired by HE Haitham Al Ghais, OPEC Secretary General; HE Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers’ Organization (APPO); Mr. Anibor Kragha, Executive Secretary of the African Refiners & Distributors Association (ARDA); and Mr. Yagouba Traoré, Head of Policy Planning and Strategy at AFREC, who joined virtually. All participants reiterated their commitment to strengthening multilateral collaboration with a special focus on Africa.
In his opening remarks, HE Al Ghais emphasized the critical role that African OPEC member countries play in supporting the Organization’s common goals and maintaining sustainable market stability. He highlighted Africa’s promising future, noting that the continent holds an estimated 120 billion barrels of proven oil reserves and around 18 trillion standard cubic meters of natural gas. These resources come at a time when global oil demand is projected to reach 120 million barrels per day by 2050, according to the latest OPEC World Oil Outlook.
HE Al Ghais also pointed out that Africa will remain central to meeting the world’s rising energy needs. He stressed the importance of investment, policymaker support, and industry stakeholder engagement in securing the necessary funding estimated at around $17.4 trillion, or $640 billion per year until 2050 to develop these resources. He concluded by underscoring that global cooperation is essential to address energy poverty, which continues to affect billions who lack access to clean cooking fuels.
HE Dr. Farouk welcomed the attendees and described the Dialogue as a valuable opportunity to discuss the future of Africa’s energy sector and to bolster cooperation between OPEC and African energy institutions. He remarked that Africa’s wealth in oil and gas not only drives the economies of its producing nations but also positions the continent to lead the industry by developing the requisite technology, expertise, and innovative funding solutions. He also provided an update on the progress made in establishing the Africa Energy Bank, designed to support the continent’s oil and gas industry.
Mr. Anibor Kragha expressed ARDA’s pride in being part of the Dialogue, seeing it as a key platform to ensure that Africa’s energy demands are met through initiatives that balance security and sustainability. He called for enhanced collaboration among OPEC and pan-African energy organizations such as APPO, ARDA, and AFREC to develop an integrated energy industry capable of fueling Africa’s industrial growth. ARDA is committed to promoting practical frameworks that will drive investments in the African downstream energy sector, aiming to add value, reduce petroleum product imports, and lower the sector’s carbon footprint.
Representing Mr. Rashid Ali Abdallah, Executive Director of the African Energy Commission (AFREC), Mr. Yagouba Traoré stressed the need for continuous collaboration among global and African energy organizations to facilitate data sharing and the development of energy markets across the continent. He noted that the African Union’s Common Position on Energy Access and Just Transition, adopted in July 2022, advocates for the development of both renewable and non-renewable energy sources including oil and gas as part of a short- and medium-term strategy. Mr. Traoré also mentioned that AFREC has made significant progress in promoting the expansion of regional markets for crude oil, oil products, and natural gas, starting with an in-depth study in Eastern Africa.
