Oil is one of the main drivers of economic growth in Africa. It fosters international relationships, attracts foreign investors, and is also a major source of revenue. Political instability, oil theft, and insecurity are some of the challenges hindering substantial growth in oil production in some of the African countries discussed in this article, although they still have the largest oil reserves.

Contents

1. Libya

2. Nigeria

3. Algeria

4. Angola

5. South Sudan

6. Egypt

7. Republic of Congo

8. Uganda

9. Gabon

10. Chad

Here are the African countries with the largest oil reserves according to Prime Business Africa:

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1. Libya
Libya tops the list as the African country with the largest oil reserves. Despite the political unrest in the country, Libya has still been able to maintain its wealth from oil reserves, which are proven to be 48.36 billion barrels. The country is the continent’s oil leader.

2. Nigeria
Nigeria has the second-largest oil reserves in Africa, with 37.89 billion barrels. However, many challenges, such as outdated infrastructure, oil theft, and insecurity, have continued to erode the country’s progress in oil production. Policies have been enacted to revive Nigeria’s oil industry.

3. Algeria
Algeria has developed solid infrastructure for its natural gas extraction and oil reserves. This has contributed immensely to the economy of the country by being one of the top energy exporters in Africa. Algeria’s oil reserves now 12.20 billion barrels.

4. Angola
Oil is a major support for Angola’s economy, helping with diversification. Despite a decline in production, investment and new offshore discoveries have boosted the oil sector. As one of the largest oil producers, Angola has 7.78 billion barrels of oil reserves.

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5. South Sudan
South Sudan capitalises on its oil reserves because of the significant role it plays in the economy. It makes up over an average of the government’s revenues. The country is now experiencing more increase in output because of production deals. South Sudan’s oil reserves is 3.75 billion barrels.

6. Egypt
Egypt is one of the countries in Africa with a diverse energy sector. The country has been able to advance its refining system and export rate. Investment in the energy sector boosts oil production. Currently, Egypt’s oil reserves is 3.3 billion barrels.

7. Republic of Congo
The Republic of Congo is one of the main oil exporters in Africa, with 2.88 billion barrels. More than half of the country’s revenue comes from oil. Political instability has been causing setbacks, but foreign investment has helped in reducing the effects.

8. Uganda
Uganda now transports oil to the international market since the completion of the East African Crude Oil Pipeline (EACOP). The government secures deals with investors to ensure more productivity. Uganda boasts of 2.5 billion barrels of oil reserves.

9. Gabon
Gabon is not relenting in attracting foreign investors into the country. They have succeeded in expanding their refinery to produce more refined petroleum. Over the years, Gabon’s economy has been strengthened by oil exploration. The country has 2.0 billion oil reserves.

10. Chad
Chad is the tenth among the African countries with the largest oil reserves. Constant investment in the energy sector by foreign investors has helped Chad sustain its oil production, which is now 1.5 billion barrels.