Opportunities lying ahead Africa's energy sector

Africa's leading industries is attracting high levels of Foreign Direct Investment (FDI), generating substantial employment, contributing a significant percentage to Gross Domestic Product (GDP) and hence driving to a large extent the high and sustained growth levels experienced by resource-rich countries.

The continent's total GDP reached US$1.6 trillion in 2008, which is roughly equal to Brazil or Russia and according to McKinsey, GDP is forecasted to attain US$2.6 trillion in 2020. The rising interest for Africa clearly lies in its bright growth potential. FDI into natural resources exploitation is flowing not only from the old West, that is USA and Europe but increasingly from Asia, namely China and India whose appetite for natural resources have surged due to their rising population, their higher spending power and growing industrialization.

World energy production (coal/peat, crude oil, natural gas, nuclear, hydro, biofuels and waste) amounted to 12,292 Mtoe in 2009 of which 1,132,879 Ktoe originated from Africa. Sustained high growth rates in a majority of countries, with an average 5.2% for the whole continent in 2011, as well as rising consumption levels in a continent of 1.01 billion people have made the energy sector a high-level priority.

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