Oil means different things to different African countries, but at the end of the day, it plays a big role in shaping the continent’s economy. Some countries see it as a major economic driver, while others rely on it as their main energy source.
For instance, countries like Nigeria, Angola, Libya, and Algeria have become major players in the oil industry, shipping out millions of barrels each year. The money from these oil exports plays a massive role in developing their economies.
Also, many African countries heavily depend on oil to meet their energy needs. Its easy accessibility makes it a go-to choice for generating power, powering everything from electricity production to transportation.
However, realizing the importance of a sustainable energy future, some African countries are actively working on diversification strategies. They are putting investments into renewable sources like solar, wind, and hydroelectric power to reduce reliance on fossil fuels and minimize environmental impact. Kenya and South Africa are active players in this regard
Source: Business Insider