- Despite the economic boom experienced during the last decade in Equatorial Guinea, 60 percent of the country's population still lives in utmost poverty and AIDS is already affecting 7 percent of Equatoguineans.
New statistics presented today by the UN development agency UNDP demonstrate that the boom in oil production and revenues has helped very few Equatoguineans stepping out of poverty. UNDP nonetheless demonstrates great optimism on the economic future of the country's inhabitants.
The UN agency in its analysis recalls the Millennium Development Goals, which are to be achieved by 2015. Given the sudden revenues, the small Central African nation has a fair possibility of reaching its Millennium Goals, UNDP holds.
In its statement, UNDP looks at Equatorial Guinea's impressing GDP per capita growth, concluding the country "is advancing" on the completing of its Millennium Goals. The country has experienced on of the world's highest growth rates during the last decade, reaching an average annual growth of 19 percent since the discovery of its great offshore oil and gas reserves.
- This for a small Western African country represents an opportunity of diminishing the extreme poverty, reaching universal school enrolment, fighting HIV/AIDS and tuberculosis and progressing towards the Millennium Development Goals, UNDP concludes.
Nevertheless, the same UNDP analysts recognise that "this year, the average per capita income almost reaches US$ 4,500, while the beneficiaries of this increase have not reached the entire population."
The agency's statistics show that "60 percent live in poverty" in today's Equatorial Guinea. "Only half of the children are enrolled in primary school and 7 percent of the adult population between 15 and 49 years is affected by HIV/AIDS."
The former Spanish colony, which by now has reached 500,000 inhabitants, has doubled its GDP per capita only since year 2000. Poverty however has not been significantly reduced, again indicating that the enormous revenues from the oil sector stay within the small oligarchy ruling the country.
By the end of 2003, only Nigeria and Angola are producing more oil in sub-Saharan Africa, but these two countries have 125 million and 13 million inhabitants, respectively. Equatorial Guinea has surpassed traditional oil producers like Cameroon and Gabon.
The Equatoguinean oil sector is largely controlled by family members of dictator Teodoro Obiang Nguema and US oil companies.
The US only recently has reopened its Embassy in Malabo after it had been closed due to massive and systematic human rights violations by the Obiang regime. The human rights situation has not improved over the last years.
According to the Equatoguinean opposition, most of the oil revenues go directly to the US companies involved in the country's oil sector. Little of the remaining funds reach government accounts - most of it is said to end up at private accounts belonging to President Obiang's extended family.
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