The Deputy Minister of Mineral Resources and Energy, António Saide, said on Tuesday that Africa has "the solution to the world's challenges" in terms of energy security and biofuel production.

"We have the solution to the world's energy security challenges, we have the energy resources, from coal to renewables, we have land for agriculture and we can produce biofuels, we can supply as much as the world needs," he said during the Africa Energy Week conference, which is taking place this week in Cape Town.

Meanwhile, according to the organization, quoted by Lusa, Africa has reserves of around 125 billion barrels and 620 billion cubic feet of gas, so investing in the continent is "not only a solution to advance industrialization and electrification on the continent, but also a guarantee of stabilization of global markets, strengthening resilience in the face of global challenges".

In the opening panel of the conference, organized by the African Energy Chamber, members stressed that geopolitical challenges show the need to diversify global value chains, with Africa emerging as the market of choice in this context.

"The continent offers not only a huge set of opportunities in the experienced energy markets with players already in place, but also a wealth of untapped opportunities, opening up lucrative prospects for financiers and exploration companies," reads the statement released by the organization.