Africa’s demand for refined products to surge into the year 2050

AFRICA stands at a crossroads in the flow of global energy dynamics - a pivotal moment where the continent can leverage its abundant fossil fuel resources for equitable development.

- NJ AYUK

To ensure this outcome, stakeholders must concentrate investment on key areas like refining capacity, trading networks, and adoption of cleaner fuels if Africa is to be prepared for the 2050 projections covered in the African Energy Chamber's (AEC) 2026 Outlook Report, "The State of African Energy."

Africa's need for refined products is set to surge, driven by demographic and economic forces. According to our report, Africa's refined product demand is projected to climb from approximately 4 million barrels per day (bbl/d) in 2024 to over 6 million bbl/d by 2050.

While many advanced economies are moving to reduce their dependence on oil and gas, Africa is next in line to benefit from its own - and has every right to do so, just as the developed nations of the world already have. This situation highlights both the opportunities for energy security and the challenges that lie ahead regarding infrastructure development.

A Unique Trajectory

While many other regions around the world are expected to follow the same path toward green alternatives as Europe and North America in the coming years, Africa's oil demand shows no sign of waning anytime soon. However, Africa's trajectory is markedly different: Per capita consumption remains the lowest globally, particularly in sub-Saharan African nations, leaving substantial room for expansion as populations and GDPs rise. Forecasts suggest that the continent's population could swell by more than 930 million people, reaching nearly 2.4 billion by 2050.