Oil and gas predicted to revive Africa

Rising oil production in several countries is helping to stimulate economic growth in Sub-Saharan Africa.

The assessment by Ecobank, a pan-African banking group, identified Ghana, Republic of Congo, Nigeria and Angola as key contributors to the oil boom.

Natural gas is also a growth area, said the research, with countries such as Senegal developing pipelines and facilities for liquefying gas.

“Deregulating the gas market and allowing market-driven gas prices will be key to unlocking further gas infrastructure investment across the region,” said a statement by the bank.

Another growth trend in Africa is the development of digital technology, which is supported by an “explosion” in mobile phone usage across the continent, said Ecobank.

©2017 funds global mena

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