Following the global oil price drop in 2014, Oman – like the other GCC states – is pushing ahead with its long-term national development plans that seek to diversify the economy.
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Algeria is a key producer of hydrocarbons in Africa, ranking first in gas output and among the top three for oil. It depends on the sector for the majority of government revenue and nearly all exports. Despite reforms to encourage private sector development, promote diversification and attract FDI, the state plays a preponderant role, meaning that changes to government expenditure and investment continue to have a large impact on economic performance.
Combining oil and gas wealth with the entrepreneurial efforts of its predominantly young population, Nigeria has developed a business-friendly environment over the past two decades of civilian rule. The country has effectively leveraged its abundance of natural resources and harnessed the strength of its 193m-strong population to become a key nation both on the African continent and beyond.
As hydrocarbons forms the backbone of Kuwait’s economy, the resurgence in global commodity markets bodes well for the future and has led to a renewed sense of optimism. The recovering market is also supporting the government’s diversification efforts under the auspices of the Kuwait National Development Plan, or New Kuwait.
Located at a juncture between Africa, the Middle East and Asia, Djibouti has easy access to international trade routes via the Gulf of Aden and the Red Sea, and borders fast-growing yet landlocked Ethiopia, making it an ideal continental hub. New ports, railway links and road improvement projects are enhancing economic efficiencies and providing a solid platform to bolster expansion in sectors.
While Kenya is no stranger to political strides experienced across the region, the country has managed to avoid long periods of crisis – whether political, economic or social – and has been able to overcome its challenges in relatively short periods of time.