Since the mid-1990s, Sub-Saharan Africa (SSA), the 'hopeless continent' ("Economist") has surprised many as it has become one of the fastest growing regions in the world. This change of economic fortunes was driven by the following mixture of factors: macroeconomic stability (including diminished debt and inflation levels), strengthened institutions, sound economic policies (including openness to trade) and a favourable international environment (including the emergence of Asia, and China in particular) which allowed for the African commodity boom. The levels of economic growth have been rising in SSA since the mid-90s with the most significant take-off occurring since 2001. While real GDP growth for SSA countries averaged 6% between 2004 and 2012, it amounted, on average, to 8% for the oil-producing countries of the region. The latter are a heterogeneous group of countries with different oil endowments and oil-dependence levels. This group is composed of Angola, Cameroon, Chad, the Republic of Congo, Equatorial Guinea, Gabon and Nigeria. Nigeria has the largest oil reserves in SSA amounting to around 73% of the total. Angola is the continent's largest producer, with around 44% of the entire continent's production, followed by Nigeria with around 36%. Economic growth for oil-producing countries in SSA has relied on the oil sector and diversification of their economies has been limited. In general, their non-oil sectors are weak and these countries remain vulnerable to external shocks, including volatile oil prices. However, as compared to the previous boom-bust cycles of the 1970s oil booms, growth during the current takeoff period has remained resilient, also due to strengthened macroeconomic balances. Moreover, growing focus on structural transformation and development of non-oil sectors is expected to bring longer-term growth opportunities and this is especially visible in Angola, Gabon, and Nigeria. To maintain current levels of growth and to assure its sustained impact on poverty reduction and incomes, the role of non-oil sectors in the economy should be strengthened. It is important to focus on job creation, raising productivity and investment in human capital. The aim of the paper is to give an overview of recent economic growth trends and growth drivers in the oil-producing countries of SSA as well as impact of growth on poverty and social outcomes. (original abstract)
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