West Africa Targets $3 Trillion Energy Market by 2035

West Africa is transitioning from a phase of energy potential to energy system construction, with a goal to generate at least $3 trillion in cumulative energy market transaction value by 2035. The region possesses significant oil and gas reserves, renewable energy potential, and a growing electricity demand, but lacks the market architecture to convert these resources into economic value.

The current energy landscape shows an imbalance, with refined-product demand increasing from approximately 370,000 barrels per day in 2000 to nearly one million barrels per day today, while only a few countries have substantial refining capacity. Additionally, electricity trading across borders remains limited despite existing interconnection infrastructure.

To address these challenges, West Africa should be viewed as a single integrated energy market, utilizing a Hub–Node–Spoke model, with Lagos as a liquidity and refining hub, Abidjan as a commercial and logistics hub, and Ghana contributing to the overall system.