Despite a resurgence in oil prices in the aftermath of the Covid-19 pandemic, compounded by Russia’s invasion of Ukraine, Gabon’s oil industry has been experiencing a steady decline since 2014, with an annual reduction in production of around 4%.
Between 2014 and 2019, Gabon’s non-oil gross domestic product (GDP) saw a 3.4% increase, even as its overall GDP grew at a more modest rate of 1%. This shift has prompted the attention of government authorities and investors.
“Considering our transition towards a greener future, mining takes precedence in our global strategy,” says Wesbert Moussounda Ngoumba, managing director of Société équatoriale des mines (SEM). He further expects that, with the rise in demand for electric cars, “we will need it [mining] more than oil”.
If his predictions prove accurate, this could significantly benefit Gabon, a country whose mining potential
There's more to this story
Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.
Already a a subscriber Sign In