Luanda - Over 90 percent of Angola's foreign currency revenues come from the oil sector, a fact that also shows the country's continued economic dependence on crude oil, the Minister of State for Economic Coordination, Manuel Nunes Júnior said Wednesday in Luanda.
Speaking at the inauguration ceremony of the first High-tech Centre in sub-Saharan Africa, set up in the municipality of Viana (Luanda), the minister said that, despite the oil sector losing weight in the national economy, export levels had hardly changed.
He pointed out that this has negatively affected the Angolan economy, mainly when there are significant drops in the price of the country's main export product.
Given this scenario, the Minister of State reiterated the need to focus heavily on economic diversification, with firm national production, increasing non-oil exports and replacing imported products.
For that, he continued, it was crucial that the oil sector continued to generate the financial resources needed to fund and speed up the process of economic diversification and make the country less dependent on oil.
In order to make that challenge viable, he said that the Angolan government was working to reverse the current drop in oil production in the country, caused by the delay in starting up new wells and the natural decline of producing fields.
