Libya holds Africa’s largest proven oil reserves, estimated at 48.4 billion barrels, ranking ninth globally. Oil is the backbone of its economy, accounting for more than 90% of government revenue. Production has been repeatedly disrupted by political instability and security challenges since 2011, preventing the country from fully realising its resource potential.

2. Nigeria

Nigeria has Africa’s second-largest oil reserves at roughly 36.9 billion barrels, ranking 11th globally. Oil has long been central to the economy, although the country is increasingly seeking diversification. Production has been hampered by pipeline vandalism, oil theft and underinvestment, but recent reforms, including the Petroleum Industry Act, aim to attract capital and stabilise output. Nigeria remains a major supplier to global markets and a key player in OPEC. Alongside oil, its growing gas reserves are expected to play a larger role in future energy and export strategies.

3. Algeria

Angola holds approximately 7.8 billion barrels of proven oil reserves, ranking 18th globally. It is one of sub-Saharan Africa’s largest oil producers, with offshore fields accounting for most output. Oil contributes the majority of government revenue and export earnings, making the economy highly sensitive to price swings.

5. South Sudan

South Sudan has an estimated 3.75 billion barrels of proven oil reserves, ranking 24th globally. Oil dominates the economy, providing nearly all government revenue. However, landlocked geography means exports rely on pipelines through Sudan, creating political and logistical vulnerabilities.

6. Egypt

The Republic of Congo holds about 2.9 billion barrels of proven oil reserves, ranking 28th globally. Oil accounts for the vast majority of export earnings and government revenue. Most production originates from offshore fields, which are operated by international energy companies.

8. Uganda

Uganda has an estimated 2.5 billion barrels of proven oil reserves, ranking 30th globally. Unlike many producers, Uganda has yet to become a major exporter, with its oil sector still under development. Projects such as the Tilenga and Kingfisher fields and the East African Crude Oil Pipeline (EACOP) are expected to unlock production later this decade.

9. Gabon

Chad’s proven oil reserves are estimated at 1.5 billion barrels, ranking 37th globally. As a landlocked country, Chad depends on export pipelines through Cameroon, increasing costs and vulnerability to disruptions. Oil is the country’s main export and a key source of government revenue, though benefits have been unevenly distributed.