Luanda, Oct. 16, 2025 (Lusa) - The Angolan president has said that 37 oil concessions have been awarded since 2019, argued that Angolan diamonds should be cut domestically, and announced that the Luanda gold refinery will "soon" begin operations.
In his State of the Nation address on Wednesday, which marks the opening of the parliamentary year, João Lourenço highlighted that "the mineral resources, oil and gas sector continues to be one of the structural pillars of the domestic economy, contributing decisively to the consolidation of public finances and economic growth".
The Head of State recalled that "national independence [whose 50th anniversary will be celebrated in November] has enabled the country to manage its natural resources with sovereignty" and that, since 2017, "structural measures have been implemented in several areas crucial to the relaunch of exploration activity".
"We are implementing the strategy for awarding oil concessions for 2019-2025, which has resulted in the award of 37 new concessions by the first half of this year," he said, also referring to the hydrocarbon exploration strategy for the period 2020-2025, which has led to the drilling of "more than 30 exploration wells".
As for refining, João Lourenço said that the country "has started to look at this area differently," highlighting the modernisation and expansion of the Luanda refinery, "whose refining capacity has quadrupled," and the construction of the Cabinda refinery, "the first built since the proclamation of independence."
"The Luanda gold refinery will soon be operational," he announced, adding that the Mavoio-Tetelo Copper project in Uíje province will also be inaugurated.
In the diamond sector, the President said that "Angola reached a record 14 million carats produced in 2024," highlighting the start of operations at the Luele Mine in 2023 and "the consolidation of other operations."
"We are moving forward in a structured manner so that Angolan diamonds are mostly worked and polished in Angola," said João Lourenço, recalling that the country currently has "eight cutting and polishing factories, with an installed capacity to cut 714,000 carats per year."
João Lourenço also spoke about the trajectory of public finances, stating that the public debt ratio continues to show a significant reduction, falling from 115.9% of GDP in 2020 to 55.5% of GDP in 2024, "below the legally defined limit of 60%."
In line with the 2024-2026 Debt Strategy, "the debt service burden is expected to fall from 63% to levels of up to 45% of total expenditure," he added.
João Lourenço also addressed the issue of youth employment and vocational training, acknowledging that "it remains one of the greatest challenges for countries with a very young age profile" and arguing that its resolution "requires all sectors of the economy to grow and generate quality, well-paid jobs".
He also pointed out that the network of vocational training centres has undergone substantial development and that more than 305 specialities are currently available, covering, among others, sectors such as arts and crafts, agriculture, administration and services, tourism, technology, IT and civil construction.
"In addition, we are promoting job creation through self-employment. We have created the Angolan National Employment Fund (FUNEA), which is financing initiatives in the field of employment and vocational training, and has already benefited 26,932 citizens under the Youth and Good Job Opportunities in Angola Programme (JOBE ANGOLA)," João Lourenço also said.
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