All eyes are on Equatorial Guinea, the small West African nation rapidly becoming one of Africa’s top oil and gas producers, with total energy sector investments of $40 billion. Having elevated itself out of obscurity and into global significance, the government’s “Horizon 2020” Development Plan aims to enhance Equatorial Guinea’s socioeconomic progress. Reinvestment in infrastructure, energy, telecommunications, transport, tourism, education, and health has been designated as a top priority, while multinational companies continue to compete for petroleum concessions and a burgeoning natural gas industry. With President Teodoro Obiang Nguema Mbasogo holding African Union chairmanship this year, Equatorial Guinea’s endeavors have come even more into the public eye. Can the government convince new investors to enter its territories? Will Equatorial Guinea achieve a meaningful and transparent strategy for economic diversification and poverty reduction?
Published in FOREIGN AFFAIRS, May-June 2011.
Distributed also on-site at the 2011 AFRICAN UNION SUMMIT in Economic Forum on Africa in MALABO, EQUATORIAL GUINEA.