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Overview

Exploring the options: Attention turns to deepwater blocks as the wait for the new hydrocarbons code continues
OBG
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While oil was first discovered in Gabon in 1953, it was not until the early 1970s that substantial production began. Since then, the exploitation of petroleum reserves has been the dominant generator of revenue for the Gabonese economy, accounting for around 52% of GDP and 58% of government revenues in 2011. DECLINING PRODUCTION: For most of the 1980s and 1990s, Gabon was sub-Saharan Africa’s…

Overview

Keeping it close: Major investments will develop domestic resources
OBG
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The continued work to stimulate agricultural investment in Gabon is seen as a critical component of an effort to diversify the economy and reduce dependence on food imports. Despite a fertile climate, abundant annual rainfall and vast expanses of untapped agricultural land, Gabon imports the vast majority of its food needs each year at a cost of around CFA150bn (€225m). The timber industry also…

Overview

Assembling the line: Government policy supports the expansion of value-added processing
OBG
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Apart from downstream commodity processing, industrial activity in Gabon is still at an early stage. The limited size of the local market and the high costs incurred by industrial activities have been historical obstacles to the industrial development of Gabon. Although the share of the industrial activity – excluding oil and mining – slipped to 7.7% of GDP in 2011, down from 8.2% in 2010,…

Overview

Raising the interest rate: Broadening the appeal of listing is a top priority going forward
OBG
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Of Africa’s 29 stock exchanges, the Central African Stock Exchange (Bourse Régionale des Valeurs Mobilières d'Afrique Centrale, BVMAC) is one of only two regional bourses. Headquartered in Libreville, it serves the Central African Republic, Cameroon, Chad, Congo, Equatorial Guinea and Gabon. Despite its geographic breadth, the BVMAC is a small institution compared with the continent’s…

Overview

Room for growth: Lenders look to serve more of the market
OBG
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Political stability, strong fundamentals and robust economic expansion have been the underlying drivers of the success of Gabon’s banking sector. The year 2011 saw strong growth in deposits, loans and new accounts, while measures to increase stability reduced the risk of overheating. Competition increased as new entrants in the market vied for customers with new service offerings and additional…

Overview

Paradigm shift: New regulations and norms look set to spur long-term changes
OBG
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Significant changes have taken place in the insurance sector in Gabon, expanding opportunities for investment. Addressing the issue of unpaid premiums, the regional regulator has adopted a new norm with regard to the relation between clients, brokers and insurance companies. It has also adopted a new regulation aimed at encouraging investments in microinsurance. Moreover, a national reinsurance…

Overview

Fission for minerals: Unlocking the nation’s geological potential
OBG
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Although Gabon possesses important mineral resources in its soil, the share of the mining sector in the GDP only amounted to 4.6% in 2011, compared to 4.5% in 2010. The government is anxious to increase this share, promoting the local processing of existing productions and attracting new mining firms to the country. It has also indicated a desire to play a direct role in the development of the…

Overview

GOING TO SEED:
OBG
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In 2011, total global exports of nitrogenous fertilisers reached a record value of $25.7bn, having grown by 60.6% in value between 2009 and 2011. The main exporter is Russia, which exported 11m tonnes of fertilisers in 2011. Urea is the most commonly used nitrogenous fertiliser, and in a context of a growing international demand for fertilisers, the development of a nitrogen-based fertiliser plant…

Overview

Getting moving: Investment in infrastructure will support economic diversification
OBG
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The improvement of Gabon’s transport network is a necessary precursor to growth in the extractive industries, forestry, agriculture and other high-potential sectors, and the government has recognised this. Planned infrastructure upgrades, particularly for roads and ports, should help unlock the country’s economic potential in areas outside of Libreville and the economic capital, Port-Gentil.…

Overview

On the up: With government backing, the sector’s contribution to GDP is set to rise
OBG
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In a bid to diversify its largely oil-dependent economy, developing tourism has become a top priority under Green Gabon, a central pillar of the Emerging Gabon programme, targeting economic growth through, among other things, forestry, agriculture, fisheries and conservation. Although tourism is still a minor contributor, it has sizeable potential to supplement state revenues and boost employment.…