Egypt ranked seventh as far as the largest oil reserve for 2024 is concerned with 3.300 billion barrels, according to Business Insider Africa.
Libya came in the first position, followed by Nigeria, Algeria, Angola, Sudan and South Sudan.
The Republic of Congo ranked eighth, followed by Uganda and Gabon.
Energy plays a huge role in boosting economies and improving lives everywhere, including in Africa.
The more energy people use, the better off their country tends to be. That is why having access to energy is crucial for a country’s success. Presently, most of the world’s power comes from fossil fuels like natural gas, coal, and oil.
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.
Conversely, importing countries in Africa face significant challenges when oil prices rise. Higher prices increase the cost of energy, strain national budgets, and can lead to inflation, making it harder for these countries to achieve economic stability and growth.
