President Bola Tinubu has declared that Africa’s estimated $120 billion worth of hydrocarbon resources - including oil and natural gas - must be harnessed to benefit the continent and its people, rather than enriching other regions.
Speaking at the 19th OTL Africa Energy Week in Abuja, Tinubu lamented that despite the vast energy resources in Africa, many countries on the continent still face energy poverty. He said the lack of refining capacity and inadequate infrastructure for processing and distribution has forced African nations to depend heavily on fuel imports.
Tinubu emphasized that Africa must change this trend by investing in refining technology, local production, and energy innovation. He specifically highlighted the importance of supporting large-scale projects such as the Dangote Refinery, which has the potential to refine up to 1.4 million barrels of oil per day when fully operational.
The president also criticized the global push for an abrupt energy transition away from fossil fuels, describing it as unfair to developing nations in Africa. “The world is asking us to abandon our natural resources in the name of energy transition — but where do they expect us to go? We cannot be pushed aside,” Tinubu said.
He called for fair global policies that recognize Africa’s right to use its own natural resources to power its growth, industrialization, and poverty reduction.
Tinubu concluded that Africa’s hydrocarbon wealth must be strategically used to create jobs, improve energy access, and drive sustainable economic growth across the continent.