Gabon: President Oligui Nguema’s economic vision for prosperity beyond oil revenues
Under the leadership of Transitional President Brice Clotaire Oligui Nguema, Gabon has embarked on an ambitious and necessary economic transformation: diversifying its economy to reduce its dependence on oil revenues. This strategic vision aims to build sustainable prosperity that is resilient to fluctuations in global crude prices and generates jobs for the Gabonese people.
For decades, oil has formed the backbone of Gabon’s economy, accounting for the majority of exports and budget revenues.
While this wealth has enabled significant development, it has also exposed the country to cyclical vulnerability and hindered the emergence of other productive sectors.
In response, President Oligui Nguema’s vision is based on a clear principle: to convert the nation’s historical subsurface wealth into enduring and diversified development capital.
The government’s economic policy is structured around several priority areas, designed to harness Gabon’s tremendous natural and human potential:
- Sustainable Forestry and Timber Valorization:With nearly 90% of its territory covered by equatorial rainforest, Gabon is focusing on sustainable forestry and local timber processing.
- The goal is to export fewer raw logs and more value-added products (furniture, flooring, panels), thereby creating jobs and capturing a greater share of the value chain.
- Agricultural and Agro-Industrial Revolution:Boasting vast expanses of arable land, the country aims to reduce its dependence on food imports and become a regional production hub. Support for staple crops (plantain, cassava), plantations (oil palm, cocoa, rubber), and livestock farming is intended to ensure food self-sufficiency and generate exports.
- Responsible Mining Development:Beyond oil, Gabon’s subsoil is rich in manganese, iron, and rare minerals.
- The strategy is to attract investment for mining projects coupled with local processing obligations, while strengthening environmental and social standards.
- Business Tourism and Ecotourism Development:Gabon’s exceptional natural heritage (national parks, coastline) represents an underutilized asset. Authorities plan to structure a high-end tourism offer focused on biodiversity discovery, while enhancing Libreville’s attractiveness as a regional conference hub.
- Structural Reforms:This diversification drive is supported by efforts to improve the business climate, modernize infrastructure (ports, roads, energy), and provide vocational training to equip Gabon’s youth with the skills required by these new sectors.
The diversification policy championed by President Oligui Nguema is more than a mere economic adjustment. It embodies a societal project to build a more sovereign, balanced Gabon capable of offering opportunities to all its generations in a changing world.
The stakes are high: to forge an economy where wealth is no longer solely extracted from the ground but is created through the work, innovation, and ingenuity of its entire people.
Gilbert FOTSO
