The World Bank has highlighted the potential of digital technologies to aid Equatorial Guinea in diversifying its oil-dependent economy.
According to the bank, the adoption of digital technologies could significantly enhance the productivity of small and medium-sized enterprises, foster innovation, and create high-skilled jobs in the West African nation.
In a recent report, the World Bank, with support from the Digital Development Partnership (DDP), in collaboration with the Government of Equatorial Guinea, developed the Digital Economy Country Diagnostic. This report emphasizes the importance of digital transformation as a catalyst for economic diversification in the coming years.
The report identifies Equatorial Guinea’s challenges and opportunities in five key areas of the digital economy: digital infrastructure, digital public platforms, digital financial services, digital companies, and digital skills. It underscores the necessity for the country to increase its efforts to capitalize on the digital economy’s benefits.
Meanwhile, the country representative, Aissatou Diallo said: “Looking at the size of Equatorial Guinea’s economy, digital marketplace platforms can help firms to expand and access other markets, which could be especially important to stimulate the development of the private sector in the country.”
Additionally, the study presents several concretes, actionable, and prioritized recommendations to help Equatorial Guinea develop a thriving, safe, and inclusive digital economy. These recommendations aim to shape future discussions between the Equatorial Guinean government, the business sector, and the country’s technical and financial partners to catalyze action and facilitate the nation’s rapid digital transition.
The global bank senior digital development specialist and lead author of the report, Camila Mejia Giraldo explained: “Going forward, it is essential for the Government of Equatorial Guinea to undertake concerted reform efforts across the five pillars while addressing the following cross-cutting issues: improving data quality, coverage, and usage; enhancing institutional coordination and access to reliable electricity; strengthening the implementation of the legal and regulatory framework; and bridging the island-continental digital divide and gender gap.”
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The World Bank believes that with these focused efforts, a country can successfully navigate its path towards a diversified and resilient digital economy.
