Equatorial Guinea's economy has grown dramatically over the past two decades, currently further work is under way to make it a leading African economy by 2020.
Equatorial Guinea gained independence from Spain in 1968, and the discovery of massive oil reserves in the mid-1990s means that the country is now one of the world’s fastest-growing economies. The wealth of the country continues to grow as Equatorial Guinea strengthens its relationship with allies across Africa, Europe, the US and Asia.
Increasingly a destination for tourists, investors and businesses, Equatorial Guinea demonstrates that an abundance of natural resources benefits the country economically, culturally and environmentally, and it seeks to share these assets with the world as a whole.
Equatorial Guinea consists of two main regions: a continental region and an insular region The insular region consists of the islands of Bioko (formerly Fernando Pó) in the Gulf of Guinea and Annobón, a small volcanic island south of the equator. Bioko Island is the northernmost part of Equatorial Guinea and is the site of the country’s capital, Malabo. The mainland region, Río Muni, is bordered by Cameroon to the north and Gabon to the south and east. It also includes several small offshore islands, such as Corisco, Elobey Grande, and Elobey Chico.
In the middle of the undeveloped jungle, the government is building a new city as the future seat of government. It will be the headquarters of the president, government, administration, police and military leadership and replace the current capital Malabo. The city is being designed to house 160,000–200,000 people, living in an area of 81.5 km². This corresponds to about a quarter of the population of Equatorial Guinea.
A golf course, a university, and a luxury hotel were finished in 2013 and a six-lane highway is almost completed. In planning are government buildings, a financial district and residential areas. Three bridges and highways have been completed or are under construction. There will be a connection between the city to the new airport in Mengomeyen (the home of the president). The strategic importance of the port city of Bata will be developed for the neighbouring Gabon and for Central Africa. For the highways huge jungle areas were cleared and lanes blown up. The city should use renewable energy and be sustainable.