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Category: Economy

Oil Economy Local News

Economist Arsenio Bumba Urges Angola to Use Oil Revenues for Economic Diversification Before 2050

Angola’s Economic Future at Risk Without Strategic Diversification, Economist Warns Angolan economist Arsenio Bumba has issued a strategic warning about the country’s economic future, stressing that Angola has just 20 to 25 years to transform its oil revenues into sustainable economic diversification. Without decisive action, he warns, Angola risks facing a severe economic crisis after 2050, when global demand for oil is expected to decline sharply. According to Bumba, Angola’s proven oil reserves stand at

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Diamonds Economy International

IMF Warns Botswana’s Economic Growth Hampered by Diamond Sector Decline

IMF Botswana Report Highlights Diamond Sector Challenges and Urgent Need for Economic Diversification The International Monetary Fund (IMF) has concluded its annual Article IV consultation for Botswana, revealing that the country’s diamond sector is significantly slowing economic growth. After expanding by 3.2% in 2023, Botswana’s economy contracted by 3% in 2024, largely due to challenges in the diamond industry, including competition from lab-grown diamonds and reduced demand from China. The IMF forecasts Botswana’s GDP will

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Local Economy News Oil

Angola Projects $72 Billion in Oil Investments Between 2025 and 2029

Angola Secures $72 Billion in Oil Concession Investments to Boost Production and Drive Energy Transition by 2029 Angola expects to attract $72 billion in investments for oil concessions already awarded between 2025 and 2029, according to Minister of Mineral Resources, Oil and Gas Diamantino Azevedo. Speaking at the opening of the Angola Oil & Gas 2025 Conference in Luanda, Azevedo noted that Angola received $84 billion in investments between 2017 and 2024 across active concessions

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Diamonds Economy International News

Botswana’s Diamond Dependence Turns into Crisis as Economy Faces Collapse

Botswana’s Diamond Crisis Deepens: Healthcare Strains, Job Losses, and Record Budget Deficit Threaten Stability Across Botswana, signs of economic distress are multiplying. Patients queue for hours outside government clinics, construction firms reliant on state contracts are laying off workers, and university students are threatening boycotts after promised allowance increases failed to materialize. The downturn marks a sharp reversal for a country once hailed as a model of prosperity in Africa. Fueled by the world’s richest

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Local Economy News Oil

João Lourenço Pledges Angola’s Refined Fuel Self-Sufficiency with Soyo and Lobito Refineries

President João Lourenço Highlights Cabinda Refinery as Key to Angola’s Energy Independence and Export Potential President João Lourenço stated on Monday, during the inauguration of the Cabinda Refinery, that Angola is on track to achieve self-sufficiency in refined petroleum products with the completion of the Soyo and Lobito refineries, despite some challenges faced by the Soyo project. Speaking to journalists after the ceremony, the President emphasized that the Cabinda refinery, with an installed capacity of

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Local Economy News Oil

Economists Praise Cabinda Refinery Launch as Key to Angola’s Energy Independence

Angolan Economists Highlight Cabinda Refinery as Milestone for Energy Self-Sufficiency and Job Creation Angolan economists have hailed the inauguration of the Cabinda refinery as a major milestone for the country’s energy sector, signaling increased self-sufficiency and reduced reliance on imported fuel. The Cabinda refinery, a private investment with 90% equity from Gemcorp and 10% from state-owned Sonangol, was officially opened on Monday by President João Lourenço. Economist Daniel Sapateiro emphasized that this is the first

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Local Economy News

French Energy Delegation Visits Angola to Explore Investment Opportunities

French Energy Companies Strengthen Angola Presence Amid $18 Billion Investment Portfolio A French business delegation from the energy sector arrived in Angola this week to explore investment opportunities, at a time when French investment in the country exceeds $18 billion. “We have a business mission with ten companies,” said Sophie Aubert, French Ambassador to Angola, during a press briefing in Luanda. “They are not only here to make contacts but also to establish operations and

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Diamonds Economy International News

Namibia’s Diamond Beneficiation Strategy Generates N$3.4 Billion in 2024

Namibia Diamond Sales Reach N$3.4 Billion in 2024 Through Local Beneficiation Program Namibia’s diamond beneficiation strategy generated N$3.4 billion in rough diamond sales to 13 local Sightholders in 2024, according to the De Beers Group’s latest Sustainability Report. The sales were conducted through the Namibia Diamond Trading Company (NDTC), a 50:50 joint venture between De Beers and the Namibian Government. “Namibia’s beneficiation highlights include $191 million in sales of rough diamonds to 13 local Sightholders

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International Economy Gas News

Economist Advocates for Gas Development to Boost Namibia’s Economy

Namibia Should Prioritize Gas Over Oil to Create Jobs and Drive Economic Growth, Says Economist Economist Robin Sherbourne has urged Namibia to place greater emphasis on gas development, arguing it offers far more potential for job creation and local economic benefits than oil. Speaking on BW Energy’s Kudu gas project, Sherbourne noted that while oil may generate significant government revenue, it creates limited direct employment opportunities. In contrast, gas development can play a transformative role

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International Economy

Africa Energy Bank Faces Uncertain Future as Funding Dispute Stalls Launch

Africa Energy Bank Launch Threatened as Afreximbank Urges APPO to Release $1.25 Billion in Equity Funds The future of the Africa Energy Bank (AEB) is at risk after the African Export-Import Bank (Afreximbank) warned that delays by the African Petroleum Producers Organisation (APPO) in releasing equity subscription funds could indefinitely stall the landmark project. In a letter to APPO Secretary-General Dr. Omar Farouk Ibrahim, Afreximbank cautioned that APPO’s insistence on finalizing a launch date, selecting

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