Angola’s dependence on oil exacts toll as 2017 elections loom

Though Angola is largely dependent on oil extraction, mining and agriculture are sectors that offer opportunities for the country to diversify its economy (source: macpixxel for GIS)
Though Angola is largely dependent on oil extraction, mining and agriculture are sectors that offer opportunities for the country to diversify its economy (source: macpixxel for GIS)

Since the end of Angola’s civil war (1975-2002), oil production in the country has rapidly increased. Production more than doubled between 2004 and 2008, from 800,000 to 1.7 million barrels per day, stabilizing at around 1.8 million bpd in 2015. Oil revenues alone injected an estimated $470 billion into Angolan state coffers between 2002 and 2014. But the recent drop in oil prices has put significant pressure on the country’s finances. Whether President Jose Eduardo dos Santos can maintain stability will hinge on other sectors, such as mining and agriculture, picking up the slack.

A significant portion of the oil money the government received was used in massive infrastructure program...

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