Throughout his previous term, H.E. President Lourenço saw a number of key policies, developments and reforms implemented that not only drove an effective post-COVID-19 economic recovery but positioned the country as the largest oil producer on the continent. Firstly, H.E. President Lourenço implemented an immediate crackdown on corruption as part of the ongoing drive to boost transparency both in government and across every sector of the Angolan economy.
In addition to the zero-tolerance policy towards corruption, a crucial decision was made to broadly restructure Angola´s oil and gas industry, leading towards the creation of the National Agency for Petroleum, Gas and Biofuels (ANPG) which took over the role of regulator and concessionaire. The ANPG’s creation thus enabled national oil company Sonangol to better focus on the company´s core business of exploration and production, ushering in a new era of improved transparency and accountability in the industry.
Greater transparency naturally creates increased confidence for international investors who have been flocking in ever greater numbers to Angola, participating not only in the exploration and development of the country´s massive energy resources, but also other sectors which are showing increasing dynamism including telecommunications; financial services; agriculture; fisheries; mining; infrastructure and public work; power generation; transportation & logistics; and tourism.
Such reforms continue to make a major contribution in making the Angolan economy and overall investment climate increasingly competitive, and now, at the very start of H.E. President Lourenço’s second five-year term and at a point where the price of oil has been hovering above the $100 dollar per barrel mark, Angola is in a particularly good position to reap the rewards of higher GDP growth and an influx of new foreign direct investment while carrying out a number of large-scale infrastructure projects.
During his inauguration speech last week in Luanda, H.E. President Lourenço emphasized that he will provide continuity to a number of public works and infrastructure and refinery projects that are currently underway, all of which will be ramped up and completed during his second term. These include the construction of the deepwater port in Cabinda; the new António Agostinho Neto International Airport in Luanda; as well as the numerous refineries being built in the cities of Soyo, Cabinda, Lobito and the recent upgrades to the existing Luanda refinery. Various renewable projects are also in the pipeline such as the Caculo-Cabaça Dam and several new solar projects that are being built as Angola drives further diversifies its energy mix.
“We will continue to work on policies and best practices to incentivize and promote the development of the private sector of the economy, to increase the supply of goods and services, boost domestic production, expand exports, and create a growing number of jobs for Angola´s citizens, especially our youth,” stated H.E. President Lourenço in his inauguration speech.
As such, the upcoming mandate of 2022-2027 will further emphasize inclusiveness, seeing the incoming administration prioritizing all of the necessary work to achieve the ambitious socioeconomic development objectives set out by H.E. President Lourenço. When speaking about Angola, it is easy to immediately turn one´s attention to the vast onshore and offshore oil and gas reserves, or the country´s lucrative diamond industry, but what has been made clear in H.E. President Lourenço’s inauguration speech is that the most valuable resource in Angola is the Angolan population of over 34,795,287 million people: Angola´s human capital. As such, the incoming administration is prioritizing the development of Angola´s people by improving access to opportunities across every sector of the Angolan economy.
Meanwhile, in 2022-2027, Infrastructure development and large-scale public works will remain a cornerstone of the new administration´s strategy to improve everyday life for Angola´s citizens. These are being undertaken as part of the Integrated Municipal Intervention Plan and H.E. President Lourenço emphasized during his inauguration speech that all of these projects have the ultimate goal of ensuring greater economic development for Angola´s citizens and the creation of new job opportunities.
As the country ushers in a new era of economic growth on the back of energy, political will and unlocked human capital development, opportunities across the Angolan economic landscape are expected to expand even further.
All this and more will be discussed during the third edition of Angola Oil & Gas 2022.
For more information, visit www.angolaoilandgas2022.com