Angola Eyes $50 Billion Oil Investment,BBC News
Manual Vicente, chairman of the state-owned oil company Sonangol, announced that Angola expects foreign oil investors to pour $50 billion into its oil industry over the next six years. Mr. Vicente expected oil investment in areas including infrastructure construction and maintenance services.
The prediction comes despite reports that a $3 billion Chinese investment in a key Angolan refinery recently fell through.
After a 27 year civil war, Angola emerged as sub-Saharan Africa’s second largest oil producer after Nigeria. Unfortunately, Angola remains one of the poorest countries in the world, with the vast majority of its population living on less than $1 per day.
Mr. Vicente said that the growth in the oil industry was fueling an economic boom in Angola.
Question: Will the presence of oil in Angola lead to the development of a strong economy or is it a "curse" that will lead to government corruption and violent conflict?
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