Libya, Nigeria, and Algeria held more than 80% of Africa’s recoverable oil reserves in 2024

Key Takeaways

  • Libya leads Africa with 48.4 billion barrels of recoverable oil, the continent’s highest.
  • Nigeria ranks second with 37.3 billion barrels, accounting for about 27% of reserves among top holders.
  • Algeria holds 12.2 billion barrels, rounding out the top three and far ahead of other nations.
  • Sudan, Egypt, and Angola each contribute between 2.5 and 5 billion barrels, showing smaller but notable reserves.

As of 2024, Africa’s oil wealth remains highly concentrated, with just a few countries controlling the bulk of recoverable reserves. Libya tops the list with 48.4 billion barrels, followed closely by Nigeria with 37.3 billion barrels. Together, these two nations alone hold nearly 60% of the total reserves listed among Africa’s top producers. Algeria, with 12.2 billion barrels, sits in third place and reinforces North Africa's dominance in oil endowment.

Beyond the top three, other African producers like Sudan (5.0b), Egypt (3.3b), Angola (2.5b), and Gabon (2.0b) hold more modest shares. Countries like Congo (1.8b) and Equatorial Guinea (1.1b) round out the list, pointing to the broader but thinner spread of reserves across Sub-Saharan Africa.

Source:

OPEC

Period:

2024
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  • Egypt ranks third with 23 rigs, while Libya maintains 18 rigs despite its fluctuating political climate.
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