With Angola’s oil and gas products making up more than 90% of the country’s exports and accounting for up to $39.94 billion in revenue in 2022, the southern African country’s oil and gas sector is poised to serve as a leading catalyst in growing and diversifying its economy. In an attempt to accelerate economic diversification, private investment and local content development, Angola has sought to create a more favorable business environment for micro-, small-, and medium-sized enterprises to participate in transforming the country into a private sector-led model that is both inclusive and climate resilient.
As such, Angola’s Minister of Finance, Vera Daves de Sousa, has indicated that the country’s oil sector will enable significant improvements in agriculture, fisheries, and industry.
In 2021, agriculture accounted for approximately 9.5% of Angola’s GDP while providing employment to just under half (46%) of the country’s population. Boasting a diverse and fertile ecology, Angola holds the potential to become one of the leading agricultural producers on the continent. The country’s arable land is well-suited to a variety of crops and livestock including cassava, bananas, potatoes, corn, sweet potatoes, citrus and pineapples. Despite its potential, however, Angola currently cultivates a mere 10% of its 350,000km2 of arable land, with an estimated 88% of the country’s farms serving as small to medium in size and mainly used for subsistence farming.
Source : Energy