Top 10 African countries with the largest oil reserves in 2024

While Africa's oil resource offers tremendous opportunities, it also presents a complex set of challenges.

Energy plays a huge role in boosting economies and improving lives everywhere, including in Africa. The more energy people use, the better off their country tends to be. That is why having access to energy is crucial for a country's success. Presently, most of the world's power comes from fossil fuels like natural gas, coal, and oil.

Africa is blessed with vast natural resources and is home to abundant crude oil reserves. For many of its countries, it is the engine, propelling their economies forward.

For example, Nigeria, Africa's most populous country, has some of the biggest oil reserves globally, with around 37 billion barrels of proven reserves. The oil industry makes up more than 80% of the country's export earnings.

While Africa's oil resource offers tremendous opportunities, it also presents a complex set of challenges, for exporting countries high oil prices can be a boon. However, the volatility of oil prices can also create economic instability.

Conversely, importing countries in Africa face significant challenges when oil prices rise. Higher prices increase the cost of energy, strain national budgets, and can lead to inflation, making it harder for these countries to achieve economic stability and growth.

The "resource curse," where nations rich in natural resources struggle with poor governance, corruption, and economic imbalances, is a real concern for many African countries.

A Global Firepower report recently listed the countries with the largest proven oil reserves in the world. In Africa, Libya holds the highest amount of crude oil reserves, with 50 billion barrels, while Nigeria has reserves totalling 36.9 billion barrels.

Below are the top 10 African countries with the largest oil reserve in 2024: