Energy is a fundamental driver of economic growth, and its availability significantly contributes to the expansion of economies and the improvement of living standards worldwide. The situation is no different in Africa. The continent is blessed with an abundance of natural resources, particularly vast reserves of crude oil, which have been instrumental in propelling the economies of many African nations.
Nigeria, the most populous country in Africa, is a prime example of how oil impacts the economy. With over 37 billion barrels of proven reserves, the oil sector accounts for more than 80% of the nation’s export revenue. As a result, Nigeria has emerged as a major player in the global energy industry.
According to a report by Global Firepower, Nigeria and Libya hold significant positions on the list of countries with the largest proven oil reserves globally. Nigeria boasts 37 billion barrels, while Libya leads with 50 billion barrels of crude oil.
While the production and consumption of energy are crucial for economic development, they must be pursued sustainably. Unsustainable energy production can have devastating environmental consequences, and Africa is home to some of the most fragile ecosystems on the planet. Therefore, it is vital to prioritise sustainable energy practices and invest in renewable energy sources to mitigate the effects of climate change.
Below is a list of the top 10 African countries with the largest oil reserves in 2024:
Libya
Covering almost 1.8 million km² (700,000 sq mi), Libya is a country in North Africa. Currently ranked 16th globally, it is the fourth-largest country in Africa and the Arab world. Libya tops the African rankings with an oil reserve of 50 billion barrels.
Nigeria
Located in West Africa, Nigeria is a multiethnic nation with over 500 languages and a rich cultural diversity. Ranked 11th globally, it possesses an oil reserve of 37 billion barrels.
Algeria
Algeria is a vast, predominantly Muslim country in North Africa, governed as a semi-presidential republic. It is divided into 58 provinces, or wilayas, and more than 1,500 communes. Ranked 16th in the world, Algeria has an oil reserve of 12.2 billion barrels.
Angola
Situated in southwest Africa, Angola is notable for being the second-largest Portuguese-speaking country in terms of both population and land area. It ranks 19th globally, with an oil reserve of 7.785 billion barrels.
Sudan
Located in Northeast Africa, Sudan, officially known as the Republic of Sudan, shares borders with several countries, including the Central African Republic to the southwest and Chad to the west. Ranked 23rd globally, Sudan possesses an oil reserve of 5 billion barrels.
South Sudan
South Sudan, a landlocked country in East Africa officially known as the Republic of South Sudan, is bordered by Ethiopia to the east and Sudan to the north. It is ranked 26th in the world, with an oil reserve of 3.75 billion barrels.
Egypt
Egypt is a transcontinental nation located in the northeastern corner of Africa, with a small portion of its territory in southwest Asia (the Sinai Peninsula). Renowned for its ancient civilisation, which developed along the Nile River, Egypt is ranked 28th globally and holds an oil reserve of 3.3 billion barrels.
Republic of the Congo
The Republic of the Congo, also known as Congo-Brazzaville, is situated in Central Africa. With a population of 5.61 million and an area exceeding 342,000 km², it has a youthful demographic, with 56% of the population under 25. It is ranked 30th in the world and has an oil reserve of 2.882 billion barrels.
Uganda
Uganda, officially the Republic of Uganda, is a landlocked country in East Africa. It is ranked 33rd globally, with an oil reserve of 2.5 billion barrels.
Gabon
Gabon is a country located on the west coast of Africa, straddling the Equator. It is ranked 38th globally, with oil reserves totalling 2 billion barrels.
