Economics: Who benefits from Equatorial Guinea's vast oil riches?

Equatorial Guinea's president Teodoro Obiang Nguema Mbasogo speaking to the United Nations last year (photo:dpa)
Equatorial Guinea's president Teodoro Obiang Nguema Mbasogo speaking to the United Nations last year (photo:dpa)

Africa's longest-serving president runs a country which has seen its GDP increase from US$150million to US$25billion in less than 20 years. The wealth is all due to the discovery of huge oil reserves. But how much of this good fortune is shared with the country's tiny population. This report looks at the family running the country.

EQUATORIAL Guinea, one of Africa’s smallest countries, is one of the world’s fastest-growing economies thanks to the discovery of major oil reserves.

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It is now the third largest oil producer in sub-Saharan Africa after Nigeria and Angola and oil has created a huge turnround in its fortunes.

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