Report Shows List of 10 Smallest Oil Reserves Nations as Another Country Overtakes Nigeria
- Nigeria's fight against poor output and oil theft has resulted in a huge increase in oil production over time
- Despite the abundance of oil in Africa, not all 54 nations enjoy the region's renowned abundance of oil wealth
- The countries with the lowest Oil Reserves in Africa have been identified as Ethiopia, Morocco, Benin and others
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Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
While Nigeria’s oil production has increased significantly over the years as it battles to contain oil theft and low output, it has lost its position as the country with the largest oil reserves in Africa.
Source: Getty Images
Legit.ng reported that Libya, with 50bn bbl ranked 79 out of 145 countries considered for the annual GFP review in 2024 to emerge the country with the largest oil reserves in Africa overtaking Nigeria with 37bn bbl
More on Africa’s energy
Businessinsider reported that energy, especially in Africa, is a major factor in economic expansion and rising living standards.
However, not every one of Africa's 54 countries has the abundance of oil wealth that the region is known for.
People tend to live in better countries when they consume more energy. Fas a result, a nation's ability to obtain energy is essential to its success.
But the continent's oil-rich nations don't always have it that way; they frequently battle with bad leadership, corruption, and unbalanced economies.
Crucially, though, not every African nation has easy access to a plentiful supply of crude oil. Due to their limited oil reserves, these nations rely heavily on oil imports to meet their energy needs.
They may be more susceptible to changes in the price of oil globally as a result of this reliance, which could hurt their budget and cause economic disruptions.
On the bottom end of the oil reserve range are nations like Ethiopia, Morocco, and Benin. These nations, in contrast to others, have a unique set of challenges when it comes to meeting their energy demands.
A recent Global Firepower report enumerated nations along with their proven oil reserves. Ethiopia, which ranks 95th internationally, has the lowest crude oil reserves in Africa, with just 400,000 barrels. Morocco comes in second with 700,000 barrels, placing it 94th. Benin ranks 90th with 8 million barrels, placing it in third place.
Below are the top 10 African countries with the lowest oil reserve in 2024:
| Rank | Country | Oil reserve | Global rank |
| 1 | Ethiopia | 400,000 bbl | 95 |
| 2 | Morocco | 700,000 bbl | 94 |
| 3 | Benin | 8,000,000 bbl | 90 |
| 4 | South Africa | 15,000,000 bbl | 83 |
| 5 | Mauritania | 20,000,000 bbl | 80 |
| 6 | Côte d'Ivoire | 100,000,000 bbl | 67 |
| 7 | Niger | 150,000,000 bbl | 59 |
| 8 | Democratic Republic of the Congo | 180,000,000 bbl | 56 |
| 9 | Cameroon | 200,000,000 bbl | 54 |
| 10 | Tunisia | 425,000,000 bbl | 48 |
Tinubu Lied About Nigeria’s oil production
Legit.ng reported that president Bola Tinubu's recent remark regarding Nigeria's oil production levels has been called into question by the Organization of the Petroleum Exporting Countries (OPEC), sparking a dispute in the energy sector.
Recall that following years of setbacks, President Tinubu said on August 4, 2024, that Nigeria's oil output had increased to 1.6 million barrels per day (bpd), indicating a major recovery in the industry.
The administration hailed this assertion as a significant accomplishment, emphasizing a favorable turnabout for Nigeria's economy, which is primarily dependent on oil exports.
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Source: Legit.ng
