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Category: Economy

Local Economy News

Angola’s Economy Gains Momentum as Reforms and Investment Drive Stronger Growth

AfDB Sees Angola’s Growth Accelerating as Economic Reforms Boost Stability and Investment Angola’s economy is showing renewed strength, with growth accelerating on the back of structural reforms, higher investment and improved macroeconomic stability, according to the African Development Bank’s latest Economic Outlook for the country. The report highlights Angola’s continued progress in reducing its dependence on oil revenues while strengthening its fiscal position and creating conditions for more diversified economic growth. Despite global economic uncertainties

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Diamonds Economy Local

Angola Ranks Among the World’s Top Three Diamond Producers in 2025

Angola Becomes World’s Third-Largest Diamond Producer with 15.2 Million Carats in 2025 Angola has cemented its position as one of the world’s leading diamond-producing nations, ranking as the third-largest producer of natural rough diamonds in 2025 with an output of 15.2 million carats. The achievement highlights the continued growth of Angola’s mining sector and underscores the country’s increasing influence in the global diamond industry.  According to figures released by the government, Angola trails only Russia

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Local Economy News Oil

Angola Generates $8.33 Billion from Oil Exports in Third Quarter

Angola’s Oil Export Revenue Reaches $8.33 Billion in Q3 as Energy Sector Remains Economic Backbone Angola earned approximately $8.33 billion from crude oil exports during the third quarter, underscoring the continued significance of the petroleum industry as the country’s primary source of foreign exchange earnings and government revenue. The performance reflects Angola’s sustained position as one of Africa’s leading oil producers, with crude exports continuing to drive economic activity despite global market fluctuations and ongoing

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Diamonds Economy Local News

Angola Expands Diamond Value Addition with New Saurimo Factory

Seventh Diamond Cutting and Polishing Factory Set to Open in Angola’s Saurimo Angola was preparing to open its seventh diamond cutting and polishing factory at the Saurimo Diamond Development Hub (PDDS) in Lunda Sul Province, further expanding the country’s domestic diamond processing capacity. The announcement was made by Minister of Mineral Resources, Oil and Gas Diamantino Azevedo during the Forum on Investment in the Mining and Oil Sectors in Menongue. The minister said the new

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Local Economy News Oil

Angola Urges Oil Operators to Push Production Above One Million Barrels Per Day

Angola Targets Oil Production Above 1 Million Barrels Per Day as Government Calls for More Investment Angola’s government has called on oil companies operating in the country to increase crude oil production beyond one million barrels per day, as the country seeks to build on recent efforts to stabilise output and attract further investment into its petroleum sector. Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo made the appeal in Luanda on Monday, 31

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Local Diamonds Economy News

Angola Opens Sixth Diamond-Cutting Factory in Saurimo to Boost Local Diamond Value Addition

Angola Opens Sixth Diamond-Cutting Factory as Saurimo Strengthens Its Position as a Diamond Processing Hub Angola has strengthened its domestic diamond-processing industry with the inauguration of a new diamond-cutting factory in Saurimo, Lunda Sul Province, bringing the number of operational cutting facilities at the Saurimo Diamond Development Hub to six. The new facility, operated by Diarough Angola, was officially opened by Minister of Mineral Resources, Oil and Gas Diamantino Azevedo on Saturday, marking another step

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Local Economy News Oil

Angola’s Oil Revenue Surges to $8.91 Billion as Crude Exports Gain Momentum

Angola Oil Revenue Jumps 54.7% to $8.91 Billion in Second Quarter Angola generated $8.91 billion from crude oil exports in the second quarter of 2026, marking a sharp increase in petroleum revenues and highlighting the continued importance of oil to the country’s export earnings. The country exported 88.12 million barrels of crude during the quarter, according to Secretary of State for Mineral Resources Jaime Victor. Oil export revenue increased by 54.71% compared with the same

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Local Economy News Oil

Angola Targets Oil Production Growth Through New Upstream Strategy

Angola Targets 1.2 Million Bpd Oil Output as New Projects and Exploration Advance Angola is targeting a turnaround in oil production as the government steps up efforts to revive mature fields, accelerate new projects and expand exploration across the country’s offshore basins. Angola’s crude output has fallen from around 2 million barrels per day (bpd) in 2008 to approximately 1.03 million bpd in 2026, largely due to declining mature fields, ageing infrastructure and slower investment.

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Energy Economy News Oil

Angola Positioned to Support Global Energy Security Through Oil and Gas Development

Angola Highlights Oil and Gas Potential to Meet Growing Global Energy Security Demand Angola has reaffirmed its ability to contribute to global energy security by leveraging its significant oil and gas resources, expanding investment opportunities, and strengthening its role as a reliable energy supplier. The government says the country has the necessary resources, infrastructure, and strategic position to respond to rising global demand for stable and secure energy supplies, while continuing to develop its hydrocarbons

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Local Economy News

Vietnamese Investor Plans Major Projects in Angola to Create 50,000 Jobs

Vietnamese Tycoon Announces Multi-Sector Investments Across Six Angolan Provinces to Create 50,000 Jobs A Vietnamese business leader is planning major investments across six provinces in Angola, with projects expected to create up to 50,000 jobs and support economic development in key sectors. The investment programme is focused on expanding economic activity beyond Angola’s traditional oil sector by supporting agriculture, infrastructure, industry and other areas with potential to drive employment and local production. The planned projects

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