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Article: Equatorial Guinea: Africa's Kuwait. (Countryfile).(oil boom prompts desire for re-opening of American embassy)
- Article from:
- African Business
- Article date:
- December 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Famous among philatelists for producing some of Africa's most colourful postage stamps, Equatorial Guinea is also the continent's only Spanish-speaking nation - and for decades, it's been one of Africa's poorest.
No more. An oil boom that began only five years ago has transformed this once-isolated and repressed little country into one of Sub-Saharan Africa's largest oil producers, giving the 522,000 people of Equatorial Guinea an unprecedented chance for prosperity.
Today, the Guinness Book of World Records lists Equatorial Guinea as the world's most industrialised nation, with over 66% of its revenues coming from petroleum. Per-capita income already ...