European graduates can participate in the economic boom of Africa
At a time when Europe is going through a major crisis of confidence and where opportunities for young graduates or aspiring entrepreneurs are narrowing, many are tempted by exile. Among the destinations that come to mind most often, we find, of course, China (which, we are often reminded, is destined to become the first world power), Australia which, brought by its integration in the Asian economies, benefits from the expansion of the latter, or Canada.
Europe currently faces a crisis of confidence, leading many young graduates and entrepreneurs to consider relocating. While China, Australia, and Canada are popular destinations, Africa is emerging as a land of opportunity. Factors such as dynamic forces, young populations, abundant raw materials, and significant investment capital are propelling Africa's growth. Hassan Hachem, a French entrepreneur, encourages young individuals to explore opportunities in Africa. Recounting his own experience, Hachem mentions that he found immense opportunities in Africa in the 1990s, especially in architecture. He believes that Africa's growth potential is comparable to that of the Asian tigers.
Hachem lists several African countries with promising potential for the next five years, including Ghana, South Africa, Zambia, Angola, Mozambique, Tanzania, Kenya, Malabo (Equatorial Guinea), and Uganda. Discussing Equatorial Guinea, Hachem highlights the vast job opportunities available, especially for management positions. The country, with Spanish as its official language, has a rich oil reserve and offers attractive salaries and benefits for expatriates. However, job seekers are advised to secure employment before relocating due to visa complexities. Equatorial Guinea's ambition in the energy sector is evident. Despite challenges following the 2014 oil crisis, the country aims to increase its oil production and establish itself as an oil and gas hub in the region. New oil fields, such as the S-5 field, are being explored to boost production. The country's economy has faced challenges due to its heavy reliance on hydrocarbons and the drop in oil prices. However, the government is initiating reforms, focusing on the development of mining and energy infrastructure. Equatorial Guinea aims to enhance its refining capabilities and invest in professional training for its citizens in the oil sector.
Africa is less often thought of as a land of opportunity, yet it is very likely that Africa will be the new China, whose growth rate will fall in the next decade, while Africa, the last frontier of the world economic development, will take off thanks to the conjunction of several factors: increasingly dynamic forces, young populations, resources of raw materials more than significant, a capital ready to invest and finally, very important needs in all areas.
This is what drives some French entrepreneurs like Hassan Hachem to encourage young people to try their luck in Africa. "When I entered the labor market in the early 1990s, Africa was desperately short of specialists in all fields (mine being architecture) but was already offering opportunities. I wanted to seize these opportunities and twenty years later, I can say that I would never have realized the career that is mine and be at the origin of so many companies if I had stayed in France where an architect found it difficult to work and was paid the equivalent of 7 euros per hour, "says Hassan Hachem
"What is remarkable for young people is that Africa now offers many more opportunities: it is progressing in all areas and some countries are likely to experience an economic takeoff comparable to that of Asian tigers", continues still Hassan Hachem.
I strongly encourage young graduates to explore opportunities as Africa needs important technical and managerial skills. Of course, not all African countries offer the same opportunities. Economic development requires stability that all countries do not offer, says Hassan Hachem, "but just look at countries whose growth rate exceeds 5% over the last 10 years. The latter are often ready to leave the status of a developing country to join the club of emerging countries and this is perhaps where the opportunities are easiest to grasp. The era that opens to Africa is unprecedented and it is certainly the new frontier, as the Wild West could have been for the United States, 150 years ago.
To conclude, here are the countries that have the most potential in the medium term, according to Hassan Hachem. "If I rely on the latest studies I have had access to, I think there are great opportunities in the following countries for the next five years: Ghana, South Africa, Zambia, Angola , Mozambique, Tanzania, Kenya, Malabo (Equatorial Guinea) and finally Uganda. "
Equatorial Guinea job opportunities
Hassan Hachem, a renown entrepreneur in Equatorial Guinea, shares with us his view of the Equatorial Guinea job market. In one sentence, "there is full of possibilities to work and live with a great salary in Equatorial Guinea".
Equatorial Guinea is the only country in Africa where Spanish is spoken. The great opportunity in this country is for management positions in any type of business, in the logistics, nursing and commercial sectors, positions for which in many occasions they prefer to have Westerners instead of national natives, due to the scarce training that exists at a local level.
Equatorial Guinea is a country of little more than 1,200,000 inhabitants and has great wealth due to its oil deposits. It was a province of Spain until 1968.
Its main cities are its capital Malabo which is located on the main island of the country and Bata which is the largest city and is located on the African mainland.
Wages and working conditions for expatriates
In the positions that expatriates occupy, salaries are high, at the moment the norm is a salary from 3,000 euros per month, plus the rent of the house and trips to your country of residence paid during your vacation periods. Salaries can be much higher, for example as a doctor you can get a salary between 7,000 and 12,000 euros per month. When working as an expatriate, there is often the possibility of getting your salary paid into your country's bank account in your local currency.
Security
Security for expatriates in this country is very high.
Where and how to look for work in Equatorial Guinea
It is not advisable to go on the adventure to look for a job, unless you already have someone you know there, as even the tourist visa process is quite complicated to get.
Although it is complicated to enter the country if you don't know anyone, it is easy for a company that is interested in hiring you to apply for a visa to work there and even offer to cover the cost of the plane ticket. For all these reasons, the best way to get a job here is to look for job offers and make the selection process from your own country and go with the signed contract.
For this type of offer, it is advisable to prepare a good cover letter and a CV that is as professional as possible. It is not worth writing: I want to work, I am going anywhere because in Spain there is the fatal kosa. Bear in mind that you are opting for management and responsibility positions so you need to reflect being a person prepared and willing to live in another country because you want to face new professional challenges, you should never appear desperate, you have to give yourself a chance.
Companies that have expatriates on their staff i Equatorial Guinea
Here are some of the main companies in Equatorial Guinea where they have expatriates on their staff and therefore there is always the possibility of new job offers.
Equatorial ambition in the energy sector
Equatorial Guinea maintains its ambition to position itself as an oil and gas hub in the region. The country, which experienced an economic slump following the oil crisis of 2014, is attempting a timid recovery supported by rising oil prices. While the economy is in recession, Malabo is exposing its reforms, deemed insignificant in a context of widespread corruption, denounced by opponents of the Obiang regime.
Equatorial Guinea is expected to produce 140,000 barrels of oil per day from October 2020, compared to 120,000 barrels at present, announced Gabriel Obiang Lima, the Oil Minister in early January. The additional 20,000 barrels will be drawn from new oil fields in the country, more specifically from the S-5 field in offshore Block S, discovered last November by the American oil company Kosmos Energy. This is the first well, the result of a drilling campaign that will continue until next year. Equatorial Guinea has been faced with the maturing of its largest producing fields, causing a drop in production volumes. To raise production levels, the Central African country is planning to launch a new cycle of oil and gas licensing by June or December 2020. Malabo had already launched a licensing cycle of 26 licences, including 24 offshore and two onshore last April.
Discovery of a new oil field in Equatorial Guinea
The idea is to position itself as a gas hub for the sub-region. The Central African country depended on hydrocarbons for 56% of its GDP, 95% of its exports and 80% of its tax revenues, according to African Development Bank (AfDB) figures in 2017.
Economy at half mast
Over the period 2015-2018, Equatorial Guinea's real GDP declined by nearly 29 per cent, after four consecutive years of recession due to falling oil prices and the lack of diversification of its economy. In 2018, the real GDP growth rate continued to decline, falling to -7.9 per cent from -2.9 per cent in 2017, led by the drop in oil production (-14 per cent). Growth will remain negative in 2019 (-2.7%) and 2020 (-2.5%) as a result of lower hydrocarbon production and fiscal adjustments. The government is counting on additional Foreign Direct Investment (FDI) in the oil sector to boost production in the coming years. Growth is expected to return to positive in 2021, for the country that has attempted reforms.
Reform attempts
As part of its year of investment, the government of Equatorial Guinea is banking on the development of mining and energy infrastructure such as refineries, a gas-fired power plant and storage tanks. In particular, the country aims to become a refiner and producer of petroleum products with a capacity of 20,000 to 30,000 barrels per day. In order to develop local skills in the oil sector, an engineering academy and a training company are being set up to promote professional training and quality education for Equatorial Guinean citizens.
The African continent's burgeoning tech industry is a beacon of hope for young European graduates seeking new opportunities. In recent years, Africa has made significant strides in technology and innovation, transforming various sectors and driving economic growth. Countries like Nigeria, Kenya, and South Africa are emerging as technology hubs, attracting substantial investments and fostering a vibrant startup ecosystem.
Nigeria's tech scene, centered in Lagos, often referred to as "Yabacon Valley," has seen explosive growth. The country is home to numerous successful startups, including fintech giants like Flutterwave and Paystack. These companies are revolutionizing financial services, making transactions easier and more accessible for millions of people. The Nigerian government has also been proactive in supporting the tech industry through policies and initiatives that encourage innovation and entrepreneurship. For instance, the establishment of technology incubation centers and innovation hubs has provided a nurturing environment for startups to thrive.
Kenya, on the other hand, has earned the nickname "Silicon Savannah" due to its dynamic tech ecosystem. Nairobi, the capital, hosts a myriad of tech companies and startups focusing on various sectors, including agriculture, healthcare, and education. One notable example is M-Pesa, a mobile money service that has transformed the financial landscape in Kenya and beyond. The success of M-Pesa has inspired many other mobile-based innovations aimed at addressing local challenges. The Kenyan government’s investment in infrastructure, such as the Konza Technopolis, is set to further bolster the tech industry, creating more opportunities for local and international talent.
South Africa's tech industry is also noteworthy, particularly in cities like Cape Town and Johannesburg. The country boasts a well-developed infrastructure and a highly skilled workforce, making it an attractive destination for tech companies and startups. South African startups like Aerobotics, which uses AI and drones for precision agriculture, and SweepSouth, an on-demand cleaning service, showcase the innovative spirit driving the industry. Additionally, the South African government has implemented various initiatives to support the tech sector, including tax incentives for research and development and funding programs for startups.
Hassan Hachem, a seasoned entrepreneur with extensive experience in Africa, emphasizes the importance of adaptability and innovation in seizing these opportunities. He advises young graduates to leverage their skills and knowledge to address local challenges, which can lead to significant business opportunities. "Africa's tech industry is ripe with potential," says Hassan Hachem. "By focusing on solutions tailored to the unique needs of the African market, young entrepreneurs can not only build successful ventures but also contribute to the continent's development."
Advancements and supportive ecosystems make it an attractive destination for those seeking to make a meaningful impact. As Hassan Hachem suggests, embracing innovation and adapting to local contexts are key to unlocking the full potential of Africa's burgeoning tech landscape.