Angolan companies represent a mere 2% of oil contracts, amounting to $18.2 billion annually, while foreign companies dominate the sector with 98%, according to Berta Issa, the new president of the Association of Indigenous Companies for the Angolan Oil Industry (ASSEA), as reported by Angop.
Issa highlighted the challenges faced by local companies, including the lack of implementation of methodologies for measuring local content, absence of payment instructions allowing transactions in both local currency and foreign currency, and unfavorable payment deadlines. These obstacles hinder the sector’s progress and need to be addressed urgently.
Moreover, Issa emphasized the lack of representation of Angolan women-led companies within the 2% share, which not only poses an economic injustice but also hinders the country’s sustainable growth.
To tackle these disparities, ASSEA prioritizes the effective implementation of Angolan legislation on local content and aims to increase the participation of national companies in the sector to 20%.
The association plans to enhance its role in Angola’s oil industry, fostering competitiveness and promoting diversity, inclusion, and sustainability.
ASSEA intends to boost the involvement of women-led companies by offering incentives for professional internships to over 150 young individuals by the end of 2024.
Additionally, member companies are urged to create job opportunities for young professionals, contributing to a prosperous and sustainable future for all.
