Angola wants to quadruple the weight of the non-oil sector in the GDP

By Adnardo Barros

“Long Term Strategy Angola – 2050” has the assumption of quadrupling the weight of the non-oil economy, pointing out the country’s Minister of State for Economic Coordination.

Angola expects that the non-oil sector will contribute four times more than the oil sector to the Gross Domestic Product (GDP) by 2050, said the Minister of State for Economic Coordination, Manuel Nunes Júnior.

Manuel Nunes Júnior was speaking on the sidelines of the presentation of the public consultation project for the “Long Term Strategy for Angola – 2050”, where he made it known that the oil and gas sector is worth 1/3 of our economy will be worth less than 5% in 2050.

According to the Minister of State, this assumes a 4.5% annual non-oil sector growth over the next 27 years, representing a major transformation of Angola’s economic structuring.

“When the price of oil is high in the international market, and the public investments increase, the economy grows; inversely, when the price drops, the economy stops growing”, said Manuel Nunes.

He said that “this paradigm must be changed so that the private sector starts to play a more active role in the performance of the Angolan economy and become a growth engine in the country”.

For Manuel Nunes Júnior, one of the greatest weaknesses of the Angolan economy is its dependence on public investments financed by the oil sector.

According to him, as the government reduces its direct participation in financing the economy, it is important that the private sector be encouraged and supported to take on this task.

With information from Forbes

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