Egypt seventh largest oil reserves in Africa – report
Egypt secured the seventh spot among Africa’s top oil reserve holders, boasting 3.3 billion barrels, according to a recent Business Insider Africa report.
Libya leads the continent in oil reserves, followed by Nigeria, Algeria, Angola, Sudan, and South Sudan. The Republic of Congo, Uganda, and Gabon occupy the eighth, ninth, and tenth positions, respectively.
“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.” the report read.
However, the report said the continent faces challenges in harnessing its full potential. Factors such as price volatility, governance issues, and infrastructure limitations can hinder economic growth.
Nigeria, for instance, heavily relies on its oil sector, which contributes over 80 per cent of its export earnings. However, the country, like many others in Africa, has experienced the complexities of an oil-dependent economy, including the impact of price fluctuations on its financial stability, the report added.
Effective management and diversification of economies will be crucial for African nations to fully capitalize on their oil wealth and ensure sustainable economic growth.
Attribution: The Business Insider Africa Report
