Digital Infrastructure and Innovation Key to Equatorial Guinea's Economic Growth

The report identifies five foundational areas critical for digital transformation: digital infrastructure, digital public platforms, digital financial services, digital businesses, and digital skills.

In response to Equatorial Guinea's aim for economic diversification amidst challenges stemming from prolonged oil dependency, the government is increasingly focusing on digital transformation as a pivotal strategy. The adoption of digital technologies is seen as crucial for enhancing the productivity of Small and Medium-sized Enterprises (SMEs), stimulating innovation, and creating high-skilled jobs. This shift towards digitalization is expected to play a significant role in broadening the country's economic base in the coming years.

The Digital Economy Country Diagnostic for Equatorial Guinea, a collaborative effort between the World Bank, and the Government of Equatorial Guinea, and supported by the Digital Development Partnership (DDP), outlines the current landscape, challenges, and opportunities for the country's digital economy. The report identifies five foundational areas critical for digital transformation: digital infrastructure, digital public platforms, digital financial services, digital businesses, and digital skills.

Aissatou Diallo, Resident Representative for Equatorial Guinea, highlights the potential of digital marketplace platforms to facilitate market expansion for local firms, thereby stimulating private sector development—an essential component for economic diversification.

The report offers actionable recommendations tailored to each foundational area to guide Equatorial Guinea towards developing a vibrant and inclusive digital economy. These recommendations are designed to foster dialogue and collaboration among the government, private sector, and technical and financial partners. Key quick-win recommendations across the five pillars include:

Digital Infrastructure: Implement cost-oriented obligations in international and national network fiber wholesale markets, alongside conducting a cybersecurity maturity assessment.

Digital Public Platforms: Formulate a national strategy for digital public platforms and enhance a comprehensive government-wide approach.

Digital Financial Services: Evaluate and expand agent networks to promote the adoption of digital financial services, particularly in remote areas.

Digital Businesses: Establish a roadmap for nurturing an inclusive digital entrepreneurship ecosystem and foster public-private dialogue.

Digital Skills: Develop a national ICT policy for education and conduct assessments to identify digital skills gaps.

Camila Mejia Giraldo, World Bank Senior Digital Development Specialist and lead author of the report emphasizes the importance of addressing cross-cutting issues such as improving data quality and coverage, enhancing institutional coordination, ensuring reliable electricity supply, strengthening legal and regulatory frameworks, and bridging digital divides—both between islands and the mainland, and in gender representation.

Overall, concerted efforts across these pillars and addressing cross-cutting issues are crucial for Equatorial Guinea to leverage digital transformation effectively, paving the way for sustainable economic growth and resilience beyond oil dependency.