Angola displaces Nigeria to become Africa's top oil producer - OPEC

[The Odum of Ala Igbo]

I understand that's why I think non-governmental institutions are dropping the ball in keeping the govt. honest and this culture of empty optimism has seeped into it. The Church throughout Africa (especially Christian Francophone Africa) is disappointing. This Congolese author Patrick Mbeko talks about in Congolese churches, the pastors always talk about blessings whether it is a new job, a good husband/wife, car and the necessary things one needs to do spiritually in order for God to reward them those things. He says there is no activism and social consciousness about the situation of the country. The Church in that part of the world yields enormous power and a great platform because in that part of the world are extremely religious with overly optimistic with "God will provide" narrative. The Church plays a diplomatic role instead of being a moral authority in calling out the problems of the country and the people responsible for it.

"Pray for Nigeria" is something I hear a lot. Reliance of a deity to save your country is sad.

 

[BigMan]

As @KidStranglehold said, God don't like black people

 

[TTT]

I recall reading about Nigeria ramping up natural gas production because it has potential that has not been fully realized. Angola's problem is that after the war which essentially covers independence in the 70s to around early 2000s they could not develop human resources to its full potential hence all those foreign engineers and others imported into the country. Oil based economies fail to diversify because the existence of windfall gains from high oil prices has an effect on every other sector of the economy. Nigeria having 15% of GDP in oil while the budget is hinged on oil receipts, it makes Governments lazy and fail to actually develop the non-oil sectors and get tax receipts from them. Angola's problem was even more acute, the windfalls have the effect of making imports cheap and distort domestic prices. It is the reason Norway created their successful sovereign wealth to essentially ring fence oil revenues and avoid the "Dutch disease" effect of sudden wealth distorting the local economy.

 

[Frangala]

I recall reading about Nigeria ramping up natural gas production because it has potential that has not been fully realized. Angola's problem is that after the war which essentially covers independence in the 70s to around early 2000s they could not develop human resources to its full potential hence all those foreign engineers and others imported into the country. Oil based economies fail to diversify because the existence of windfall gains from high oil prices has an effect on every other sector of the economy. Nigeria having 15% of GDP in oil while the budget is hinged on oil receipts, it makes Governments lazy and fail to actually develop the non-oil sectors and get tax receipts from them. Angola's problem was even more acute, the windfalls have the effect of making imports cheap and distort domestic prices. It is the reason Norway created their successful sovereign wealth to essentially ring fence oil revenues and avoid the "Dutch disease" effect of sudden wealth distorting the local economy.

The Norwegian Wealth Fund is a beast and investments are responsible and not very risky. The Scandanavians seem to get a lot of things right despite the various change of govts., the fund has been a consensus. Angola does have a sovereign wealth fund managed by the president's son wonder how beneficial it will be to the Angolan people

 

[TTT]

The Norwegian Wealth Fund is a beast and investments are responsible and not very risky. The Scandanavians seem to get a lot of things right despite the various change of govts., the fund has been a consensus. Angola does have a sovereign wealth fund managed by the president's son wonder how beneficial it will be to the Angolan people

The level of transparency is such that you can see where they invest in and I read a Bloomberg profile of the CIO and how they have these open forums to discuss the investments. Even Brits, especially on the left, complain about how the North Sea oil find which was shared by Norway and the UK had vastly different outcomes with the Brits privatizing BP and not starting their own fund. It wasn't until i was on skyscraper forums that some Nigerians pointed out how the size of the country and oil revenue have some of these divergent effects Without excusing oil mismanagement you can see how 1.8 million bpd makes a bigger difference to a country with 22 million vs one that has been in the 100 million for a while. Almost all large population oil producers (80 million plus) have to spread the money pretty thin and smaller countries like Equatorial Guinea, Libya, Kuwait can pretty much do a lot provided their leaders have a good vision like the Norwegians.

 

[Frangala]

The level of transparency is such that you can see where they invest in and I read a Bloomberg profile of the CIO and how they have these open forums to discuss the investments. Even Brits, especially on the left, complain about how the North Sea oil find which was shared by Norway and the UK had vastly different outcomes with the Brits privatizing BP and not starting their own fund. It wasn't until i was on skyscraper forums that some Nigerians pointed out how the size of the country and oil revenue have some of these divergent effects Without excusing oil mismanagement you can see how 1.8 million bpd makes a bigger difference to a country with 22 million vs one that has been in the 100 million for a while. Almost all large population oil producers (80 million plus) have to spread the money pretty thin and smaller countries like Equatorial Guinea, Libya, Kuwait can pretty much do a lot provided their leaders have a good vision like the Norwegians.

Equatorial Guinea has no excuse the population is less than 1 million and still extremely poor due to the mismanagement of the Obiang kleptocracy and I think his son has an open legal case in Europe as a result of corruption charges. Such a contrast, some of Norway's oil revenues are utilized to purchase real estate including commercial property outside of Norway (France, US, UK) and the returns for such an investment are probably used to finance various social projects to benefit Norwegian citizens while the son of the President of Equatorial Guinea is purchasing real estate in the form of lavish apartments that are getting seized by European govts. because it is a product of ill gotten gains.

 

[BigMan]

The EQ example is so fukked up. They could easily have a super high standard of living...use oil revenues to finance education and infrastructure and pay for EQ students to study abroad and acquire skills to diversify the economy

 

[African Peasant]

The Obiang son is an idiot and the father is busy building "elephants blancs" (non viable infrastructures) to impress people and to justify the money they have embezzled.

 

[Claudex]

For anybody who has disposable time to find out how a lot of these rent-based/resource rich economy works should read a book called the "Looting Machine" by Tom Burgis. He is a British Financial Times reporter in Africa. He details where the money goes, role of corporations etc.. It includes Sonangol the Angolan state oil company.

Just started reading this book a couple of weeks ago actually. It's a'ight. Doesn't really tell me much that is new but...I guess the details of how shyt really goes down are good to know somewhat.

 

[Claudex]

Angola's biggest problem is the depopulation from the slave trade. We can't talk economic development until we first address this.

That's not nearly close to being Angola's biggest problem.
Angola's biggest problem is culture and identity. That's the tall wall we gotta scale if we want to make it. Anybody that tells you otherwise is lying to you.

 

[Claudex]

The EQ example is so fukked up. They could easily have a super high standard of living...use oil revenues to finance education and infrastructure and pay for EQ students to study abroad and acquire skills to diversify the economy

That's a myth I've come to hate honestly. Because I've realized – rather late in life I think – that for the bolded to be true we'd have to be a completely different people with a completely different type of history.

 

[BigMan]

That's a myth I've come to hate honestly. Because I've realized – rather late in life I think – that for the bolded to be true we'd have to be a completely different people with a completely different type of history.

How is it a myth if other nations do that?

 

[Claudex]

How is it a myth if other nations do that?

It's a myth because you can't have gone through what Angola went through just to magically be prosperous once the whites are kicked out. The history of Angola is a very dark and complex one, filled with betrayal, blood, and terror. As a child I couldn't see that, but now I understand how expecting Angola to pull Norway or a China was naive at best and straight up c00ning at worst.

 

[BigMan]

It's a myth because you can't have gone through what Angola went through just to magically be prosperous once the whites are kicked out. The history of Angola is a very dark and complex one, filled with betrayal, blood, and terror. As a child I couldn't see that, but now I understand how expecting Angola to pull Norway or a China was naive at best and straight up c00ning at worst.

I'm talking about Equatorial Guinea

And I'm not sure you know what c00ning means

 

[Yehuda]

Angola's biggest problem is culture and identity.

What do you mean?