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Angola’s Oil Windfall Fuels Diversification Push, Citi Says

Bloomberg Markets Thursday 12 November 2026, 05:00 UTC By Adelaide Changole 1 min read
Key Points

EXCLUSIVE Angola’s Oil Windfall Fuels Diversification Push, Citi Says Angola’s drive to diversify its economy away from oil is picking up steam as the government uses a surge in crude revenue to finance structural reforms and investment in energy, transport and other industries, Citigroup Inc. said. While crude accounts for about 90% of export revenue, the government is seeking to use this year’s oil windfall to shift the economy away from an extraction-led model, said Grant Carson, who...

EXCLUSIVE Angola’s Oil Windfall Fuels Diversification Push, Citi Says Angola’s drive to diversify its economy away from oil is picking up steam as the government uses a surge in crude revenue to finance structural reforms and investment in energy, transport and other industries, Citigroup Inc. said. While crude accounts for about 90% of export revenue, the government is seeking to use this year’s oil windfall to shift the economy away from an extraction-led model, said Grant Carson, who oversees markets where Citi does not have a physical presence, including Angola, Ethiopia, Rwanda and Guinea.
Angola (LOCATION) Citi (ORG) Citigroup Inc. (ORG) Grant Carson (PERSON) Ethiopia (LOCATION) Rwanda (LOCATION) Guinea (LOCATION)
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