KEY POINTS
- Nigerian oil tycoon urges African governments to reduce reliance on foreign capital and imported fuels.
- Says Africa’s vast gas reserves and young population can power industrial transformation.
- Outlines a three-step plan for energy independence, anchored on policy reform and local investment.
Nigeria’s oil magnate Tein Jack-Rich has called on African nations to take charge of their own energy future by using the continent’s immense gas reserves and market potential to build a home-grown energy system less dependent on foreign funding.
Speaking at the ENGICE 2025 forum in Abuja, the founder of Belemaoil Producing Ltd. said Africa can no longer afford to treat its energy ambitions as donor projects. With 30 million square kilometres of land, a young and fast-growing population, and around 620 trillion cubic feet of natural gas, he argued that the continent possesses all it needs to secure its own industrial base.
Jack-Rich emphasised that Nigeria, which holds roughly a third of Africa’s gas resources, should take the lead in developing regional energy infrastructure that drives growth in sectors like power, fertiliser, and manufacturing. According to him, exporting crude and importing refined products has left African economies exposed to external price shocks and currency volatility.
A Call for Local Capital and Clear Policies
Billornaires Africa reports that the businessman laid out a three-point plan for governments to chart a new energy path. First, he urged regulators and parliaments to craft clear and lasting legislation that protects investors and allows regional projects to move ahead without bureaucratic gridlock.
Second, he said African states must mobilise domestic funds such as pension assets and sovereign wealth investments alongside international capital. Third, he pressed for a renewed focus on physical infrastructure, from pipelines and processing plants to export terminals and gas distribution networks.
He pointed to Belemaoil’s indigenous crude export terminal as proof that African companies can manage large-scale projects and retain more value locally. With proper coordination among producers, financiers and policymakers, Jack-Rich said the continent could reshape its energy map within a generation.
Delegates at the Abuja forum agreed that fragmented markets, unreliable regulations, and transmission bottlenecks have been the biggest barriers to investment. Jack-Rich cautioned that failure to act now would mean Africa’s growing energy demand would continue to be met by imports, perpetuating economic dependence.
Founded in Port Harcourt, Belemaoil operates the OML 55 block in Nigeria’s Niger Delta, a shallow-water asset acquired from Chevron Nigeria Ltd. The company manages several fields, including Idama and Inda, and has become one of the country’s leading indigenous oil producers with a focus on local participation and infrastructure development.
As global energy markets shift towards diversification and resilience, Jack-Rich’s message resonated strongly: for Africa to truly industrialise, it must first believe in its own capacity to finance and fuel its future.
