Angola is accelerating efforts to diversify its economy, targeting $2bn in investments in non-diamond mining and rare earths by 2027, while channeling oil revenues into agriculture, tourism and energy.
As part of the strategy, the government is negotiating the transfer of up to 800,000 hectares of farmland to Brazilian agricultural companies to strengthen domestic food production and establish agriculture as a major driver of future economic growth.
The country is also attracting growing interest from international banks and investors, supported by improving political and economic stability and the expansion of its non-oil economy, which is projected to account for 86 per cent of gross domestic product by 2025.
Meanwhile, major infrastructure investments are expected to strengthen Angola’s position in regional trade.
These include an $866m upgrade of the US-backed Lobito Corridor railway, which is designed to facilitate the transportation and export of copper and cobalt from neighbouring Zambia and the Democratic Republic of Congo.
The African Development Bank estimates that the non-oil sector’s contribution to Angola’s gross domestic product rose to 86 per cent in 2025, up from 77 per cent in 2019, reflecting the gradual expansion of economic activities beyond crude oil production.
The country’s diversification drive is also drawing interest from regional financial institutions.
South Africa’s Absa Group is setting up a representative office in Angola, while Standard Bank has increased its ownership stake in its local subsidiary to 75 per cent, according to Bloomberg.
Kenya’s Equity Group is also planning to expand into Angola by 2030, seeking to benefit from emerging trade opportunities linked to critical mineral exports.
Infrastructure development is another key component of the strategy.
Angola is investing in the Lobito Corridor, a US-backed, 1,100-mile railway undergoing an $866m upgrade to facilitate the transportation of copper and cobalt from Zambia and the Democratic Republic of Congo to international markets.
