2. Only slightly smaller than Albania, Equatorial Guinea,
EG,is the fifth largest oil producer and eighth largest
crude oil reserve holder in sub-Saharan Africa.
According to the US Energy Information
Administration, the country had proven oil reserves of
1.1 billion barrels and 1.3 trillion cubic feet of gas as of
January this year.GDP peaked at an estimated $19.6
billion last year,95 per cent of which stemmed from
the hydrocarbon industry.
3. Economic growth figures like this were probably only
possible in the country’s wildest dreams prior to 1995
– the year when the first oil field (the Zafiro Field) was
discovered. In those days, GDP stood at just $328
million and GDP per capita was a mere $800. By 2012,
per capita had spiked to $26,400.
The government, headed by President Teodoro
Obiang, Africa’s longest-serving head of state, has
been tackling what had previously been a crippling
shortage of infrastructure and services by putting its
newfound petrodollars to good work.
4. Huge investments in infrastructure projects over the
past decade or so have seen the country’s roads,
airports and seaports vastly improve, thus shaping EG’s
transport network not only to handle increased traffic
but also to move cargo to and from heretofore
inaccessible places.
Moreover, given EG’s geographical situation – coupled
with the fact that Bioko Island lies less than 100 miles
off the coasts of Nigeria and Cameroon – the
government is preparing the country as a
transhipment hub by partnering with various private
construction companies, such as Moroccan-based
Somagec, to bring world-class standards to the
country’s ports.
5. In just eight years, Somagec has overseen the
construction of eight ports and four airports. Most
mention-worthy are perhaps the ports of Bata and
Malabo, which are among the deepest in sub-Saharan
Africa, with the continent’s deepest being the TangerMed in Morocco, another signature Somagec project.
Albert Ndong Obiang Lima,General Director of the
Ports Administration of Equatorial Guinea,says the
Malabo port’s draught is 16 metres and 390 metres
long on the south side, and as deep as 17 metres and
406 metres long on its west side.
6. EG is opening to the world in other ways, as well. In
2011 it hosted the African Leader’s Summit and the
following year, it co-hosted the Africa Cup of Nations
with Gabon. In February this year, CEIBA
Intercontinental, EG’s publicly owned airline, opened
thrice-weekly direct flights to Madrid from Malabo.
More and more international entrepreneurs are taking
notice of this small Atlantic state, and undoubtedly its
oil resource wealth is creating a positive snowball
effect on investment.
7. “Many foreigners say that Equatorial Guinea is
becoming Central Africa’s Dubai. I believe that this is
true. We need only look at the investment and
construction that is taking place here,” says ports
director Mr Obiang Lima.
Read the Country Report here
