African Economy is Diversifying Out of Minerals – US$1.8b in 2009 for Angola

The economy of Africa is diversifying. Nigeria moved from GDP of less than $50b in 1999 to more than $$270b within  a decade because of the FDI from telecommunication and information systems. Kenya has become the hottest mobile services destination in the world. South Africa is a banking hub and telecom giant. Ghana is carving a niche in electrical and embedded systems engineering. No one is left out, Angola is on the loop. So, it is not surprising that iPAD Angola noted that the non-Diamond sector is picking up.

 

Private investment outside the oil and diamond sectors of the Angolan economy has been increasing steadily the president of the Angolan National Private Investment Agency (ANIP) Aguinaldo Jaime said Tuesday in Lisbon.

Angola had managed to attract investment projects outside of oil and mining worth US$2.4 billion. An ADB report published Monday said that the diversification of the Angolan economy remained “weak.”
“In 2008 investment outside these sectors totalled US$1.2 billion and in 2009 rose to US$1.8 billion,” he said adding that these figures demonstrated that private investment in areas other than oil and diamonds had been growing steadily

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