The Impact of Mobil's Oil Discovery on Equatorial Guinea's Economic Development and Global Standing

In 1995, Mobil, an American oil company, made a significant discovery of oil in Equatorial Guinea, which marked the beginning of a new economic era for the country. Following this discovery, Equatorial Guinea experienced rapid economic growth fueled by its oil wealth. However, despite the influx of revenue, the benefits have not been equitably distributed among the population. The country ranks low on the United Nations Human Development Index, highlighting the disparity between national wealth and the well-being of its citizens. Alarmingly, 7.9% of children in Equatorial Guinea die before reaching the age of five, and over 50% of the population lacks access to clean drinking water. These statistics underscore the critical challenges faced by the nation. Furthermore, President Teodoro Obiang has been widely criticized for allegedly using the country's oil revenues to enrich himself and his associates, raising concerns about governance and accountability. This situation calls for urgent attention to ensure that the wealth generated from natural resources translates into tangible benefits for the people of Equatorial Guinea. #mooflife #mof #MomentOfLife #EquatorialGuinea #Mobil #OilDiscovery #TeodoroObiang #HumanDevelopmentIndex