Angola seeks to use oil to break away from oil

While the country’s oil industry is slowing down it will finance the diversification of the economy.

After this year’s dip, the IMF forecasts the oil industry will grow up by 2.25 % per year over the next five years and big investments in areas such as farming and telecoms will reduce Angola’s dependence on oil and create jobs. These plans will critically need oil to pay for the wider development. “Growth prospects over the longer term […} should be firme up during 2015, as ongoing pre-salt prospecting should help to determine the amount of commercially viable oil reserves” the IMF explained in September.

Source, The African Report, november 2014