Equatorial Guinea’s one-stop shop has became a reality by allowing investors and corporations alike to set up a business in sub-Saharan Africa’s fourth largest oil producer in only seven days.
International ease of doing business experts in the oil and gas industry say the step is a very positive move, and a sign that Equatorial Guinea’s government is listening to international investors’ concerns over the country’s bureaucracy and regulations, which have prevented it from exploiting its full investment potential over the past few years.
The one-stop shop will provide suitable information support for future entrepreneurs and enable them to start with business operations in the shortest time possible.
One-stop shop solutions allow businesses to deal with all permits and processes required to set up a business at a single counter, hence reducing bureaucracy and eliminating red tape. These have been gradually implemented across the world and Africa, resulting in increased local and foreign investments, and promoting small and medium enterprises (SMEs) growth.
Equatorial Guinea’s step is expected to be very positive for business and puts the country at par with its regional and global competitors. It further signals the country’s political will to reform, and echoes President Obiang Nguema Mbasogo’s commitment to see the National Economic Development Plan: Horizon 2020 being fully implemented.
Santiago Olo Lima, Director for Equatorial Guinea at Centurion, declared that “Our clients are excited about this. As a firm, we work to encourage investment into the country, ensure investors can have a seamless transition and operate well. The one-stop shop is a welcomed and timely development as Equatorial Guinea expects billions of investments during its Year of Energy 2019 and is a crucial step towards achieving the country’s economic diversification and poverty reduction goals under its National Economic Development Plan: Horizon 2020.”
Further statistics show that Equatorial Guinea has doubled efforts to reach out to the international community and boost its attractiveness to investors in recent years.
The country joined the Organization of Petroleum Exporting Countries (OPEC) in 2017, and is now spearheading the LNG 2 Africa initiative, which seeks to create new markets for Africa’s natural gas. “This is an exciting time to be looking at Equatorial Guinea and Centurion is well-positioned to assist investors navigating the country’s energy sector,” added NJ Ayuk, CEO of Centurion.
