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Vol 39 No 4

Published 20th February 1998

Equatorial Guinea

Troubling the waters

President Obiang wants to be an oil sheikh but this stirs enemies at home and abroad

Investors are scrambling into Equatorial Guinea’s oil-fired economy, which has grown by over 40 per cent a year since 1995; now President Teodoro Obiang Nguema Mbasogo wants to look again at the generous terms his government has offered them. Even amongst those closest to Obiang Nguema, who became President after leading a coup against his uncle, President Francisco Macías Nguema, in 1979, frustrations have risen as expectations of access to the new wealth have been disappointed. Meanwhile, uncertainty over the demarcation of maritime borders has worsened Obiang’s always cool relations with his neighbours - Nigeria, Gabon, Cameroon and São Tomé e Príncipe.

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