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Category: Economy

Local Economy Expos & Events News

Angolan and Zambian Businesspeople Connect at 1st International Business Forum in Luena

Angolan and Zambian businesspeople gathered to exchange experiences at the 1st edition of the International Business Forum, which opened yesterday in Luena at the amphitheater of the Instituto Superior Politécnico do Moxico. During the meeting, participants discussed topics such as “The Lobito Corridor,” “Opportunities for the Development of Moxico,” “The Role of the State in Boosting Tourism in the Angolan Region of the Okavango Zambezi,” “Business Opportunities in the Province of Moxico,” and “The Vision

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Economy Diamonds Local News

Diamond Revenue Hits $288 Million Despite Market Challenges

From January to May of this year, the country generated revenues of $288 million from the sale of 2.5 million carats of diamonds produced by the Catoca, Luele, and Lunhinga projects. The data was disclosed by the president of the Board of Directors of the National Diamond Company (Endiama EP), Manuel Nganga Júnior, during a “brainstorming” session for the Mineral Resources, Oil, and Gas Sector held on Tuesday in the nation’s capital. Manuel Nganga Júnior

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Local Economy Gas News Oil

Angola’s Export Revenue Hits $8.8 Billion in Q1: Crude Oil Dominates Earnings

In the first quarter of the current year, Angola’s exported goods generated a substantial revenue of $8.8 billion. A significant portion of this revenue, $8.2 billion, came from the sale of crude oil and gas, while $431 million was earned from the commercialization of ores. Economist Daniel Sapateiro presented these figures in Luanda during the 2nd International Trade Forum. The event brought together sector experts and government officials to discuss “The Current Context of Foreign

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Local Economy Transport and Logistics

The Impact of Lobito Atlântico Railways on the Benguela Railway Corridor

The management of the Benguela Railway (CFB) by the consortium Lobito Atlântico Railways (LAR), Trafigura, and Mota-Engil is expected to significantly enhance Angola’s Gross Domestic Product (GDP), contributing between $1.6 billion to $3.4 billion annually over the next 30 years. This projection was shared by LAR administrator Ottoniel Manuel during a discussion on the Girassol television channel under the theme, “The Impact of the Lobito Corridor on the Angolan Economy and the SADC Region.” Manuel

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Local Economy Expos & Events News Oil

Angola Anticipates 2.84% GDP Growth Fueled by Non-Oil Sectors

The Secretary of State for Finance and Treasury, Ottoniel dos Santos, reaffirmed Angola’s economic outlook, predicting a 2.84% growth in Gross Domestic Product (GDP) for the current year. He emphasized the robust performance expected from the non-oil sector, projected at 5.32%, during an address in Luanda at the inaugural Annual Conference “Investor’s Day” organized by BFA Gestão de Activos. Dos Santos underscored that the growth in GDP, driven by sectors such as agriculture, fishing, manufacturing,

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Diamonds Economy Local News

Angola’s Diamond Production Surpasses 4.18 Million Carats, Focus on Mining Sector Development

Angola’s diamond production reached 4.18 million carats between January and May this year, as reported by the Ministry of Mineral Resources, Oil and Gas via Jornal de Angola. During the 14th thematic session “Communicate for Angola,” which centered on the Program for Development and Modernization of Geological-Mining Activities (2023/2027), Secretary of State for Mineral Resources, Jânio Correa Victor, emphasized the need to attract national and foreign investment. This initiative aims to boost diamond production and

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Local Economy News

Ministry Officials Discuss National Development Plan Implementation

Officials from the Ministry of Mineral Resources, Oil and Gas (MIREMPET) convened on Tuesday to review objectives, goals, challenges, and strategies outlined in the National Development Plan (PDN) 2023-2027. Led by Minister Diamantino de Azevedo, the meeting included State Secretaries, national directors, Boards of Directors, supervisors of institutions, and senior managers from key companies involved in mineral and hydrocarbon resources. The details were shared by MIREMPET on Facebook.

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Local Economy Mining News

Angola Accelerates Mineral Sector Diversification to Boost Economic Growth

Jânio Corrêa Victor, the Secretary of State for Mineral Resources, emphasized last week in Luanda that Angola is committed to diversifying its mineral production to increase the sector’s contribution to more than 2% of the Gross Domestic Product (GDP). Speaking at the Aníbal de Melo Press Center during thematic sessions organized by the Ministry of Telecommunications, Information Technology, and Social Communication, Victor outlined the “Objectives and Main Projects included in the National Development Plan 2023-2027”

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Local Economy News Oil

Angola Targets $60 Billion in Oil Investments with 2025 Licensing Round

Angola anticipates more than $60 billion in investments over the next five years, with the upcoming licensing round in 2025 offering companies direct access to new opportunities, reports Energy Capital & Power. The nation aims to increase oil production to two million barrels per day (bpd) in the long term and is inviting exploration and production companies to invest in its available areas. Angola’s offshore assets are particularly appealing due to the success of its

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Local Economy Gas News Oil

ANPG Highlights Strategic Initiatives and Production Plans for Angola’s Oil and Gas Sector

The country has a total of 1,630 drilled wells, with 870 currently operational and 760 inoperative, announced Ana Miala, the executive administrator of the National Oil, Gas, and Biofuels Agency (ANPG), on Monday in Luanda. Speaking at a press event called “Matabicho with Journalists,” hosted by ANPG, Miala explained that of the 760 inactive wells, some will be permanently abandoned due to reserve depletion, while others could be reopened when opportunities arise. To enhance investment

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