New York:Angolan Minister of State for Economic Coordination Jos© de Lima Massano emphasized the need for increased investment in Angola's non-oil sectors at Forbes Africa Day 2026. Speaking on behalf of President Joo Louren§o, Massano highlighted the country's ongoing economic diversification efforts, driven by reforms initiated in 2018 with the International Monetary Fund's support.
According to Angola Press News Agency, Massano reported that Angola has attracted nearly 1 billion US dollars in foreign direct investment in sectors outside of oil and gas this year. This marks the strongest performance in Angola's non-oil investment to date, and expectations are that this figure will rise by the end of the year.
The Angolan economy demonstrated significant growth in the second quarter of 2026, with a year-on-year increase of 8.74%. The non-oil sector, in particular, expanded by 9.24%. Key growth areas include agriculture, manufacturing, trade, telecommunications, and tourism.
Massano discussed the economic reforms that have contributed to Angola's transition from an oil-dependent economy. These include enhancing the central bank's independence, liberalizing the foreign exchange market, facilitating capital repatriation, and improving financial inclusion. Such measures aim to reduce reliance on oil and foster new growth avenues.
Angola's strategic geographical position was also highlighted as advantageous for investors, offering opportunities not only within the domestic market but also in the broader regional market. Massano pointed to regional economic integration initiatives that allow for production in Angola and access to other markets, positioning the country as a potential hub for regional production and distribution.
Tourism was identified as a sector with significant development potential, supported by Angola's natural resources and underexploited heritage. However, Massano noted the need for infrastructure expansion, which the government is addressing through investments in water, energy, roads, and transport, including modernizing airport infrastructure.
The event, organized by Forbes Africa Lus³fona in collaboration with Forbes Africa and Forbes Afrique, convened investors, business leaders, and government representatives to explore Africa's global economic role and the continent's investment and business opportunities.
