Gabon has signed a $3.8 billion memorandum of understanding with the African Export-Import Bank (Afreximbank) to finance large-scale national development projects spanning mining, energy, and transport.
The agreement, concluded during Afreximbank’s annual general meeting in Abuja, Nigeria, is aimed at advancing gold and manganese trading, strengthening energy infrastructure, and expanding the country’s railway network, according to Bloomberg.
Gabon’s gold sector remains largely informal, with about 70% of production coming from unregulated sources.
Weak infrastructure, especially inadequate road networks, continues to hamper the sector’s growth.
Afreximbank’s backing of Special Economic Zones and Africa Quality Assurance Centers is expected to introduce greater oversight and support formalization, though much will depend on stricter enforcement of mining regulations.
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Gabon, the world’s second-largest producer of manganese, a key mineral in steelmaking, and one of the smallest members of OPEC+ with crude oil production of around 220,000 barrels per day, is looking to enhance its industrial and export capacity through this partnership.
Recent data shows that Gabon’s economy grew by 2.9% in 2024, driven mainly by oil output and higher public investment.
Minister of State for Economy, Finance and Debt, Henri-Claude Oyima, signed the deal on behalf of the Gabonese government.
President Brice Oligui Nguema has pledged to reduce the country’s reliance on oil by focusing on sectors such as agriculture, tourism, and manufacturing as part of a wider plan to tackle poverty and diversify Gabon’s economy.
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Image Credit: Bracewell
