Africa’s Downstream Oil Market Set to Explode, Reaching $120 Billion by 2032
Africa’s downstream oil and gas sector is poised for significant growth, with projections indicating a surge from its current valuation of US$80.5 billion to a staggering US$120.8 billion by 2032. This positions the continent as a key player and the next major frontier for expansion in the global downstream market.
Digitization and Innovation Driving Growth
Speaking at the OTL 2025 Expo in Lagos, Dr. Riverson Oppong, CEO of the Chamber of Oil Marketing Companies (COMAC), highlighted the transformative era ahead for the downstream sector. Demand across the continent is expected to increase by 2.2 million barrels per day between 2019 and 2035, representing an annual growth rate of 2.3 percent. Dr. Oppong emphasized that digitization is now a critical component, not just an option, for downstream companies looking to capture value and improve efficiency in their operations. He stressed that innovation, diversification, and a strong focus on customer needs are also crucial drivers in this evolving landscape.
Africa’s burgeoning downstream oil market presents substantial opportunities for investment and innovation. As digitization takes hold and demand continues to rise, the continent is strategically positioned to become a major force in the global energy landscape over the next decade.
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