The government will initiate an assessment of the national industrialization strategy with a view to adapting it to new priorities. The initiative aims to lessen the dependence of the national economy on oil, with the aim of speeding up the Strategic Food Sovereignty Plan.
The coronavirus crisis has highlighted certain limits of the Gabonese economy, including the over-dependence on oil. Recognizing this gap, the government has decided to review its industrialization copy.
“This new crisis has exposed the heavy dependence of our economy on oil, despite the diversification efforts undertaken over the past decade and the vulnerability of our country in terms of food security,” the Prime Minister acknowledged. “The government will initiate an evaluation of our national industrialization strategy with a view to adapting it to new priorities and studying the methods of accelerated implementation of the Strategic Food Sovereignty Plan,” added Julien Nkoghe Bekale.
Over the past five years, the petroleum sector has represented on average 80% of exports, 45% of GDP and 60% of budgetary revenue. Faced with the decline in oil reserves, the authorities have therefore decided to diversify their economy. This strategy is based in part on the Food Sovereignty Strategic Plan. It enshrines the objective of eliminating food insecurity and malnutrition in all its forms and guaranteeing food and nutritional sovereignty to the entire population by 2025.
