Africa forfeits an estimated $15 billion in added value every year by exporting most of its crude oil without refining it locally, a stark reminder that resource wealth alone does not guarantee broad-based development or industrial transformation across a continent rich in hydrocarbons.

The figure was disclosed by Farid Ghezali, Secretary General of the African Petroleum Producers’ Organization. The African oil executive noted that Africa exports about 70 percent of its crude oil and 45 percent of its natural gas in raw form due to limited processing infrastructure — a structural gap that constrains job creation and industrial expansion for a fast-growing population.