By Joshua Tosin Ogunsakin 
Oil has remained one of Africa’s most valuable economic resources, influencing national budgets, foreign relations, and development strategies across the continent.
From the desert oilfields of North Africa to offshore rigs along the Atlantic coast, crude oil has financed infrastructure projects, strengthened international trade links, and exposed many economies to cycles of rapid growth and sharp downturns.
Even as global conversations increasingly focus on clean energy, oil continues to play a central role in Africa’s economic narrative, generating government revenue, employment, and strategic geopolitical influence.
Libya currently holds Africa’s largest proven oil reserves at about 48.4 billion barrels, ranking ninth in the world, according to the Global Firepower report.
Below are the African countries with the biggest proven oil reserves:
1. Libya
Libya tops the continent with proven reserves of around 48.4 billion barrels. Oil dominates its economy, contributing over 90% of government revenue. However, political instability and security crises since 2011 have repeatedly disrupted production and limited full exploitation of its resources.
2. Nigeria
Nigeria ranks second in Africa with about 36.9 billion barrels of proven oil reserves, placing it 11th globally. Oil has long been the backbone of the economy, though diversification efforts are gaining momentum. Output has been affected by pipeline vandalism, oil theft, and underinvestment, but reforms like the Petroleum Industry Act aim to boost investor confidence and stabilise production. Nigeria remains a major global supplier and influential OPEC member, with expanding gas reserves expected to shape future exports.
3. Algeria
Algeria has roughly 12.2 billion barrels of proven oil reserves, ranking 15th worldwide. It is a key energy supplier to Europe, exporting both oil and natural gas. The state energy firm Sonatrach controls the sector, and hydrocarbons generate most export revenue. Despite mature production, Algeria continues to invest in exploration and enhanced recovery methods.
4. Angola
Angola holds about 7.8 billion barrels of proven oil reserves, ranking 18th globally. Offshore fields account for most of its output, and oil remains the main source of government income and exports, making the economy highly exposed to global price fluctuations.
5. South Sudan
South Sudan has an estimated 3.75 billion barrels of proven oil reserves, ranking 24th globally. Oil provides nearly all state revenue, but being landlocked means exports depend on pipelines through Sudan, creating political and logistical risks.
6. Egypt
Egypt’s proven oil reserves are estimated at around 3.3 billion barrels, ranking 26th globally. While oil is significant, Egypt has positioned itself as a regional energy hub, largely due to major gas discoveries in the Mediterranean. Oil production supports domestic needs and exports, alongside income from gas, tourism, and the Suez Canal.
7. Republic of Congo
The Republic of Congo has about 2.9 billion barrels of proven oil reserves, ranking 28th globally. Oil dominates export earnings and government revenue, with offshore fields operated mainly by international oil companies.
8. Uganda
Uganda holds roughly 2.5 billion barrels of proven oil reserves, ranking 30th globally. It has not yet become a major exporter, as its oil industry is still developing. Projects such as Tilenga, Kingfisher, and the East African Crude Oil Pipeline are expected to enable production later this decade.
9. Gabon
Gabon has around 2 billion barrels of proven oil reserves, ranking 36th globally. Oil has historically driven the economy, but production has declined as fields mature. Authorities are encouraging new exploration and enhanced recovery while diversifying into mining, forestry, and services.
10. Chad
Chad’s proven oil reserves stand at about 1.5 billion barrels, ranking 37th globally. As a landlocked nation, it relies on pipelines through Cameroon, increasing costs and vulnerability to disruptions. Oil remains its primary export and a major source of revenue, though benefits have not been evenly shared.
Vanguard