THE ECONOMY OF EQUATORIAL GUINEA
About this ebook
Although the information on oil in Equatorial Guinea is always in reference to percentage data and very rarely with numerical figures (due to the level of transparency of information on the sector in the country), it is true that the economy of Equatorial Guinea has suffered the effects of the COVID-19 pandemic, especially in terms of the fall in world demand and oil prices caused by the crisis.
Even so, only during the first quarter of 2019 the revenues from local sales of lampante oil, gasoline and gas oil ( dieses) by the national oil company (Gepetrol) were 6,773,617,140 (Six trillion seven hundred and seventy-three million six hundred and seventeen thousand one hundred and forty Francs Fcfa ) or what is the same, 10,370. 789.32 (Ten million three hundred and seventy thousand seven hundred and eighty-nine and thirty-two Euros); and the sales for the export of gas only to the Kingdom of Spain were 500 million Euros per year, and the main exports for that year were, certainly crude oil (3,080 million dollars), and gas (920 million dollars), all enough to create prosperity in a country of less than two million inhabitants, for ever and ever.
But when the economy is not prepared for its own subsistence and self-sufficiency, then situations of economic contraction are created which should not even exist, and which become the reality of a prosperous nation condemned to poverty and misery.
Javier Clemente Engonga, 18.08.2021
About the author
I am the Leadership Archetype, with executive experience in public policy management, fintech, international trade and global markets, specializing in strategic consulting and business services solutions for Asia and Africa, South America and the Caribbean, North America, the People's Republic of China, Japan, India, Singapore and the European Union.
Master's degree in International Business (MBA) from the European Graduate Institute (IEP) in Spain, and Bachelor's degree studies in international trade and economics at Xiangtan University (Hunan 湘潭 大学), People's Republic of China. As a founding partner and CEO of numerous African fintech and investment strategy consulting firms, I am a strong advocate of advancing the internationalization of African SMEs.
My experience in public policy management includes, among others, the positions of Director General of National Content in the Petroleum Industry and Inspector General of National Content in the Petroleum Industry at the Ministry of Mines (2010-2013), Director General of Trade Promotion and Private Investments (2013-April 2015) and Director General of Trade at the Ministry of Trade and Business Development of the Republic of Equatorial Guinea (June 2015-2019).
As I have already said in some of my books, the mind is a quantum computer that processes the reality we perceive; in this sense, humanity as a neurobiological organism is an almost infinite computer that creates the simulated reality that we call ''life'' and that in turn gives meaning to our ''existence''.
