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Equatorial Guinea

Yearbook 2001

Equatorial Guinea. According to Countryaah, Prime Minister Angel Serafin Seriche Dougan resigned in February after being accused by President Teodoro Obiang Nguema of triggering a constitutional crisis "by not looking to the people's best". Dougan was succeeded by Candido Muatetema Rivas, former secretary general of the ruling Democratic Party (PDGE).

2001 Equatorial Guinea

Since oil was found off the island of Bioko in the mid-1990s, Equatorial Guinea has rapidly developed into Africa's third largest oil producer after Nigeria and Angola, with production of up to a quarter of a million barrels per day.

Equatorial Guinea was estimated to achieve economic growth of between 50 and 70% in 2001. However, most of the oil revenue goes back to the foreign companies because the state has failed to negotiate on as favorable terms as Nigeria and Angola.

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