The Billion Dollar Question: Where is Angola’s Oil Money?
By Victoria Eastwood and David McKenzie
Oil has driven Angola’s booming economy over the last decade, helping the resource-rich country emerge from the wreckage of a long, vicious war to become one Africa’s major economic players.
One of the biggest producers of black gold in the continent, the southwestern African country has seen its GDP surge by several hundred percent in recent years as the hangover from long conflicts turned into a hunger for profits.
More than 90% of Angola’s revenue comes from oil production, but despite its oil wealth, Angola remains largely impoverished.
In Luanda, the vibrant capital of Angola, shiny new boardwalks, luxury properties and an influx of Portuguese expats are all signs of oil money in a city that was last year named as the world’s most expensive for expats.
But despite the numerous new developments and Luanda’s shiny facade, inequality prevails
Next to the sleek skyscrapers and luxury apartments, ramshackle shantytowns and crowded slums spread for miles in every direction, housing millions of people living on less than $2 a day.
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