Luanda, July 22, 2025 (Lusa) - Angola's minister for economic coordination on Tuesday highlighted the 4.4% growth of the Angolan economy in 2024, with increasing contributions from non-oil sectors, acknowledging that the nation continues to address “demanding” challenges in diversifying its economy.
José de Lima Massano was speaking at the opening of the 40th Angola International Fair (Filda), which runs until Sunday in the province of Icolo e Bengo, with 2,194 direct and indirect participants and the presence of 18 countries, including Portugal, with 15 companies exhibiting their products.
According to the minister, the stimulus to the Angolan economy and the structural reforms underway “are beginning to produce encouraging results,” emphasising that the growth and influence of non-oil sectors in the Gross Domestic Product (GDP) in recent years is remarkable.
“Agriculture, for example, now accounts for around 19% of GDP, compared to just 13% in 2017, and has been growing at an average annual rate of 6%. The manufacturing industry resumed growth in 2024, with around 2.84%, and its weight in the GDP structure is already 7.59%, with food processing accounting for around 33% of the activity in this manufacturing sector,” he said.
The minister stressed that this performance of the economy in 2024 highlights ongoing opportunities, and with the positive growth the country recorded in the first quarter of 2025, amounting to around 3.5%, it is necessary to “recognise that the challenges of economic diversification still demand complex and demanding solutions”.
“The path of corrections and reforms remains necessary to overcome vulnerabilities and ensure that economic growth is consistent and social gains are comprehensive and lasting, which is why we need everyone’s understanding and the continued engagement of citizens and businesses,” José de Lima Massano said.
The minister stressed that Filda participants, visitors, and business leaders have the power not only to expand their own companies and businesses but also to shape the future of the economy and the community as a whole.
“I would like to take this opportunity to appeal to companies operating in Angola: get to know each other better, identify your input and service needs and share this information confidently and, whenever possible, establish forward supply agreements to provide security to your business partners,” said José de Lima Massano.
The minister also urged companies to publish their reports and accounts “to give confidence to investors, financiers and workers”.
“Showing what is being done well in Angola is more than marketing; it is a strategic step to stimulate domestic consumption, attract partnerships, foster development and economic integration,” he stressed.
The government will continue to adopt consistent public policies that contribute to macroeconomic stability, facilitate organisation and access to markets and stimulate financing and productive investment, the minister said.
As for business support, the minister highlighted the recent capital increase of the Development Bank of Angola (BDA) and the Credit Guarantee Fund (FGC), with support from the World Bank (WB), as well as the launch by FADA of “Transforma Aqui,” a product to support the development of small and medium-sized industries in rural areas.
The minister also announced that this month will see the start of streamlined export procedures, “making foreign trade more efficient and fluid,” as part of efforts to improve the business environment.
NME/ADB // ADB.
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