Malabo, 7 December 2009 (Somalilandpress) — Equatorial Guinea is Africa’s third-largest exporter of oil and gas, but the vast majority of its 500,000 people live in dire poverty.
The small country pumps out nearly 300,000 barrels of oil each day but the production in effect is controlled by foreign companies, leading to fears that Equatorial Guinea is not developing the skills of its own people.
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There are also concerns that Equatorial Guinea will become too dependent on just one export – like most oil-rich African nations.
Al Jazeera’s Yvonne Ndege reports from the capital, Malabo.
Source: Al Jazeera (English)
I wish Somaliland had all that oil wealth because we would certainly know what to do with it or maybe not. Do you think if Somaliland was recognized and had oil wealth we would be more corrupted than we are now?
Equatorial Guinea has long way to go and if the president doesnt reverse this it will come back to haunt them, African leaders never learn.