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Daily Data InsightsMany African countries are heavily dependent on oil production

Many African countries are heavily dependent on oil production

A bar chart illustrating the reliance of nine African economies on oil rents as a percentage of GDP for the year 2021. The chart includes the following countries listed from highest to lowest percentage: Libya at 56%, Congo at 34%, Angola at 28%, Chad at 17%, Gabon at 16%, Equatorial Guinea at 15%, Algeria at 14%, Nigeria at 6.2%, and Ghana at 4.1%. A note highlights that oil rents account for over half of Libya's GDP. The source of the data is the World Bank, 2024. The chart features colored bars representing each country's oil rent percentage, along with the flags of the respective countries next to their names.

Oil production plays an important role in the economy of many African countries. The chart shows oil rents as a percentage of gross domestic product (GDP) for the nine African nations most reliant on it.

Libya ranks first, with oil rents equivalent to 56% of its GDP in 2021, followed by Congo at 34% and Angola at 28%. Despite being Africa’s largest oil producer, Nigeria’s oil rents are just 6.2% of its GDP.

Despite this, these countries’ oil production is relatively modest on a global scale. In 2021, their combined output was less than half of what the United States, the world’s top producer, extracted.

Explore oil production for more countries

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