Equatorial Guinea is comprised of a mainland area (Rio Muni province) and a series of small islands, the largest of which, Bioko Island, houses the country’s capital, Malabo. Equatorial Guinea is notable as the only Spanish-speaking country in Africa, having gained independence from Spanish rule in 1968. The country’s current president, Teodoro Obiang Nguema, came to power in 1979 by leading a self-initiated coup that overthrew Francisco Macias Nguema, Obiang’s uncle and the country’s frst president.

Oil is Equatorial Guinea’s most valuable asset. Since the discovery of the Zafiro field in 1995, production has increased more than tenfold, and oil has quickly become the country’s most important export commodity, accounting for nearly 90% of the value of total exports in 2003. Equatorial Guinea’s oil reserves are located mainly in the hydrocarbon-rich Gulf of Guinea, containing estimated probable reserves as high as 10% of the world total. As a result, large amounts of foreign investment primarily by U.S. companies have poured into the country’s oil sector in recent years.

International entrepreneurship has not blossomed in Equatorial Guinea because of the widespread corruption and misappropriation of resources by the government and those in positions of leadership.

Important Resources