The Organisation of the Petroleum Exporting Countries (OPEC) has projected that Africa will require about $92 billion in refining investments by 2050 to strengthen energy security, meet growing fuel demand, and reduce dependence on imported petroleum products.

The projection was contained in OPEC's latest World Oil Outlook, which highlighted Nigeria as a major driver of the continent's refining expansion through large-scale projects led by the Dangote Group and BUA Group.

According to the report, Africa's refining sector will need substantial capital investment over the next two decades to modernise existing facilities and develop new refining capacity.

OPEC estimated that approximately $25 billion would be required before 2030, while an additional $67 billion would be needed between 2030 and 2050.

Nigeria was identified as the leading force behind Africa's downstream transformation, largely due to the operational 650,000-barrels-per-day Dangote Petroleum Refinery, which is currently the largest single-train refinery in the world.

The report also noted the proposed BUA refinery project as a significant contributor to the country's growing refining capacity.

OPEC stated that expanding domestic refining infrastructure across Africa would help reduce the continent's reliance on imported refined petroleum products, improve fuel availability, and create employment opportunities in the energy sector.

The organisation further noted that Africa's rapidly growing population, increasing urbanisation, and rising industrial activity are expected to drive higher demand for transportation fuels and other petroleum products in the coming decades.

Industry analysts say Nigeria's emergence as a refining hub could reshape fuel trade patterns across Africa.

The Dangote Refinery has already begun supplying refined petroleum products to several African countries, helping to reduce import dependence and strengthen regional energy integration.

Experts also believe that continued investments in refining and petrochemical infrastructure could enhance economic growth, attract foreign investment, and improve energy security across the continent.

OPEC maintained that strategic investments in the downstream sector will be critical to ensuring Africa can meet future energy needs while maximising the value of its abundant crude oil resources.

The report comes as African governments and private investors increasingly focus on expanding local refining capacity amid global energy market uncertainties and efforts to improve domestic fuel supply chains.