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Angola

Angola is diversifying from oil

Angola has experienced rapid growth in the last decade, mostly propelled by the exploitation of its vast natural resources. Today, the country ranks as the third largest economy in sub-Saharan Africa (see Figure 1). Its history is characterised by struggle and battle. After its independence from Portugal in 1975, Angola endured a 27-year civil war, during which two major opposition parties, MPLA and Unita, fought for supremacy. In 2002, the two parties finally agreed on a cease-fire and started to focus on rebuilding the country. The rebirth of Angola started in 2002.

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Angola Leads Oil Production in Africa

Luanda with its 1.7 million barrels of crude oil a day, well above Nigeria's 1.5 million, Angola stood in September this year, for seven running months, at the head of the African oil producing countries. The information is contained in a report from the Organisation of Petroleum Producing and Exporting Countries (OPEC). The report states that Nigeria led the African ranking in 2016 with its 1.8 million barrels a day, against Angola's 1.7 million, but recorded a drop to 1.4 million in May this year, caused by terrorist attacks, armed groups and internal political instability.

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The many opportunities Angolan entrepreneurs have and the help they need to seize them

At the recent US-Africa Business Forum, Strive Masiyiwa, founder of telecommunications company Econet Wireless, said: “When young people have ideas, the first and most important thing is to listen to them and to take them seriously. “What they need is support. They need support from their governments, their regulators they need investment so they can grow.” The Global Entrepreneurship Week (GEW) initiative is a big step towards accomplishing that. Every November, for one week, it celebrates the individuals – not just young people who have embraced the entrepreneurial spirit, who have launched start-ups, who are helping drive economic growth, and who wish to create a positive impact in their countries.

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