Africa Monitor Intelligence
Equatorial Guinea: Crash in the Oil Sector Forces Diversification
The priority given to the development of tourism results from pressures on the economy, as a result of the gradual decrease in the production and export of hydrocarbons and the need to generate income in alternative sectors. Failing consecutively the objective of diversification, namely in the agribusiness sector, the tourism sector offers faster results in the inflow of foreign exchange and attraction of foreign investment.
In NOV.2021, the half-brother of “Teodorin” and Minister of Hydrocarbons and Mines, GABRIEL OBIANG LIMA (GOL), surprised the VII Congress of the Democratic Party of Equatorial Guinea by publicly defending the urgent opening of the country to tourism, as a condition for the recovery of the economy. GOL criticized the investment in infrastructure, congress centers and hotels when the country continues not to admit the entry of tourists, including business tourism, using the example of Dubai. READ MORE