We anticipate bright future for Africa’s oil industry with substantial opportunities for growth
By HE Haitham Al Ghais
It is an honour for me and the Organization that I represent, the Organization of the Petroleum Exporting Countries (OPEC) to participate in the 7th edition of the Nigeria International Energy Summit (NIES). I stand on previous protocols and extend my best wishes to all esteemed guests and attendees. I congratulate the organizers, sponsors, exhibitors, everyone associated with this distinguished event for making it a resounding success.
It is a privilege to meet the President of the Federal Republic of Nigeria, His Excellency, Bola Ahmed Tinubu.
Mr President, your presence today signifies the importance that your Government attaches to this prestigious event, as well as the leadership role Nigeria plays on matters of international energy policy. We are grateful for your support of OPEC.
Although this is the first opportunity I have had to come to Abuja in person since assuming the role of Secretary General, Nigeria is so integral to OPEC and such an essential part of our Organization, I feel like I am home-from-home. Your world-famous Nigerian hospitality has made me and my team feel very welcome.
Successive generations of Nigerian public servants and captains of industry have contributed to making the OPEC-Nigerian relationship a success. For their own role in this common endeavour I would like to recognize and thank HE Senator Heineken Lokpobiri, Minister of State – Petroleum Resources and Head of Nigeria’s Delegation to OPEC; Ambassador Gabriel Tanimu Aduda, Nigeria’s Governor to OPEC; and Mr. Mele Kyari, Nigeria’s National Representative and member of OPEC’s Economic Commission Board.
The NIES is one of the leading industry events in Nigeria and indeed, the continent of Africa. OPEC takes great pride in its strong and enduring African connections and identity. Half of our Member Countries are African and this includes the most populous African country, Nigeria, and the geographically largest by area, Algeria.
We are also privileged to count Congo, Equatorial Guinea, Gabon and Libya as Member Countries. Additionally, two African countries have joined the historic ‘Declaration of Cooperation,’ between OPEC and 10 non-OPEC producing countries, namely Sudan and South Sudan.
Many significant meetings in our Organization’s history took place in African cities. Nigeria hosted the 31st Meeting of the OPEC Conference in Lagos in November 1972 and the 143rd (Extraordinary) Meeting of the Conference convened in Abuja, in December 2006.
Elsewhere, the 9th Meeting of the OPEC Conference took place in Tripoli in 1965, while other critical meetings and conferences have been held in Algiers (including our first ever Summit), Oran, Luanda, and Libreville.
Indeed, the idea for our Organization was conceived in Africa, specifically Egypt. It was at the Cairo Yacht Club in 1959 that the agreement was forged which paved the way for the establishment of OPEC in Baghdad in September 1960.
Nigeria’s role in OPEC’s past and present is a tremendous source of pride; but we are also acutely conscious of Nigeria and Africa’s critical role in the future of our Organization and the energy industry more broadly.
Africa has a young and vibrant population. By 2045, the Middle East and Africa region is forecast to be the leading region by overall population, adding 723 million people in the period 2022-2045, according to OPEC’s World Oil Outlook.
We anticipate a bright future for Africa’s oil industry with substantial opportunities for growth. The continent is home to five of the top 30 oil-producing countries and its proven oil reserves amounted to around 119 billion barrels at the end of 2022.
Africa clearly brims with potential and I will expand further on these points in the International Panel Discussion later this morning.
Allow me to conclude by once again thanking the Nigerian Government for facilitating my participation in this great event. OPEC is immensely proud to count Nigeria a Member Country. The future of our strong relationship is bright and we look forward to many more decades of a successful partnership between Nigeria andOPEC.
. Being Goodwill message by HE Haitham Al Ghais, Secretary General, OPEC, at the NIES, Abuja, Nigeria on February 27, 2024
