Africa Must Achieve Energy Sovereignty to Benefit From Global Supply Disruptions: African Energy Chamber
Africa Must Achieve Energy Sovereignty to Benefit From Global Supply Disruptions: African Energy Chamber
Despite its vast oil and gas resources, Africa remains heavily dependent on imported petroleum, undermining its fuel security and energy sovereignty, NJ Ayuk, Executive Chairman of the African Energy Chamber, told Sputnik Africa. Amid the Middle East crisis, this dependence prevents exporters from capitalizing on rising Brent prices, according to the official.
"Energy sovereignty means producing resources at home, processing them at home and using them to power African industry first. Recent disruptions around the Strait of Hormuz have again shown how quickly external shocks can hit global supply and pricing," he noted.
According to Ayuk, Africa should draw lessons from the Middle East crisis, which has ambigous effects on the continent’s energy sector.
"Higher prices have brought new opportunities for increased revenue and exports, yet they have also raised fuel prices and supply volatility," he emphasized.
In this context, Africa should seize the moment to promote its resources internationally and unlock their potential to "fuel the next global energy wave," Ayuk concluded.
The video shows Nigeria's Dangote oil refinery
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