In a new article for Foreign Affairs, I discuss the perils of Angola’s reliance on declining oil revenues. Here are the first few paragraphs. In early 2014, Angola, sub-Saharan Africa’s second-largest oil producer and third-largest economy, was flush with cash and confidence. The economy had expanded tenfold over the previous decade, and the government, which in 2002 won a resounding victory in the country’s long civil war, was unchallenged at home, a towering presence in regional politics, and a major investor abroad, including in Portugal, the former colonial power. Its national reconstruction agenda funneled tens of billions of dollars into infrastructure ...
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