African energy demand is projected to grow more than 30% by 2040

By Winfred Watenya

African energy demand is projected to grow more than 30% by 2040, with oil demand expected to increase to 4.9 million barrels per day (bpd) by 2050.

According to the African Energy Chamber’s (AEC) 2024 outlook, gas demand will almost triple during the same period while the continent’s renewable energy capacity could also double by 2030.

NJ Ayuk, Executive Chairman of the AEC says the continents over 125 billion barrels of proven oil reserves and 620 trillion cubic feet of gas will not only play a role in meeting this demand but will support broader industrialization and economic growth.

Ayuk adds that to achieve universal access to modern energy, Africa requires more than $25 billion in annual spending until 2030, presenting a strategic opportunity for capital-providers

Written by Reporter