Angola is one of the world’s fastest-growing economies with an 8.4% GDP estimated growth in 2012 and a reported annual average GDP growth of 11.1 percent for the period from 2001 to 2010 (Wikipedia). Angola has officially become the leading supplier and trading partner of the United States of crude oil in Sub-Saharan Africa. Nigeria which has been an oil-producing giant for so long in Africa has been knocked off the top spot as a result of irregularities and gross misconduct in the country’s oil production. According to This Day reports in November, corruption in Nigeria’s oil sector has caused a drastic drop in oil production, say by 250,000 barrels per day (bpd), with an annual unaccounted 150,000 bpd, which directly implies the loss of billions of dollars.
In 2014, China, the current strongest investor in African economy assisted Angola with $2 billion loan for oil & gas and in prospects to also assist with a $4.5 billion hydro-power project. Recent developments between the two countries has it that the Chinese Sinochem Group has gone into business with Angola’s Oil company, Sonangol with the proposition of buying crude oil over a 10 year period.
Angola is an African country that is tremendously rich in natural endowments and resources. It is the 3rd largest producer of diamonds and now the top most oil-producing nation in Africa. Evidently, Africa is home to most of the world’s mineral deposits, and countries like South Africa and Angola are doing justice to that in incredibly high magnitudes. Angola for one is stepping up in a lot of areas particularly in diamond mining & exports and oil production. Generally we can say that the Angolan government is undoubtedly diversifying their economy and at the same time putting their natural resources and minerals into appropriate and profitable use.
Angola became an OPEC(Organization of the Petroleum Exporting Countries) member in 2007 and 8 years later they are the leading oil producers in the continent. Amidst the global declines in international oil prices, Wikipedia records that Angolan oil sales generated USD 1.71 billion in tax revenue in 2004 and now makes up 80% of the government’s budget and 45% of GDP. Obviously Angola’s government is doing all it can to erase the oddities the country has been known for.