Former
Spanish colony and the only Spanish-speaking
country in the African continent. Equatorial
Guinea is located in the Gulf of Guinea,
close to the Equator. The island of
Bioko hosts the capital, Malabo, situated
250kms away from the continental part
of the country and 60kms away from Cameroon.
It concentrates a quarter of the Equatoguinean
population which is mainly located in
Malabo, where an accelerated change
has been taken place since the nineties,
when the firsts offshore oil discoveries
took place.
The continental zone, Rio Muni, situated
between Gabon and Cameroon, concentrates
75% of the population, mainly in Bata
which is the most important city of
the region. Formerly known for its rural
culture and an important exploitation
activity of forest resources. The region
of Rio Muni it is completely transforming
itself thanks to the richness generated
by the oil.
The economics
dynamics
Having moved on from the
times when the economy of Equatorial
Guinea was mainly sustained by the exploitation
of its forest resources (cocoa and timber),
the oil exploitation, initiated in the
nineties has significantly modified
the economic and social scene of this
small state transforming it in a new
Eldorado.
The oil production, controlled
mainly by Anglo-Saxon companies (Exxon
Mobil, Marathon, Amerada Hess, etc.)
has gone from 248 000 barrels per day
in 2003 to 330 000 in 2004, in addition
to the 16 000 barrels of methanol. It
is forecasted that by 2007 the oil production
will reach 400 000 barrels, establishing
Equatorial Guinea as the third oil producing
country in Subsaharian Africa.
(Sources: Ministry of Mines, Industry
and Energy)
.
(Sources: Ministry of Mines, Industry
and Energy)
Significant development in non-oil
sectors
Based on oil resources,
the other sectors are progressively
developing. The construction sector
and that of infrastructures for instance,
is in full growth. The network of roads
of about 4000kms has been the object
of several projects of extension and
restoration. The number of vehicles
has multiplied by 12 between 1996 and
2002, reaching 16 000 vehicles approximately.
The construction works
of the administrative buildings and
of infrastructures in the new city,
Malabo II, as an extension of the capital
were initiated in 2006.
Adaptation of the new infrastructures
to the foreign trade
The important economic
growth of Equatorial Guinea inevitably
leads, not only to an increase in foreign
trade, but also to important migrational
movements. The number of passengers
at the Malabo airport has increased
32% between 2001 and 2004. In that same
period freight volume have increased
by five. The traffic of passengers at
the Bata airport has increased by two
and its freight volume has increased
by 62% in the same period.
Being aware of the inadequacy
of the existing means, the Government
has initiated a vast plan of modernisation
and restoration of the port and airport
facilities:
A new airport has been built in Malabo.
The Bata Airport is being modernised
and extended.
The extension works of the Port of Malabo
started in 2006.
Luba Free Port, dedicated to activities
related to the oil sector has been built
in the south of the Island of Bioko.
A touristic potential to develop
An original geographical
situation, a unique wildlife, the Spanish
influence, a rich historic and cultural
heritage…There are many reasons
to foresee a ...
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