Starting in 2016 Angola will become the largest oil producer in Africa, according to a report from the International Energy Agency (IEA) released in London. The IEA believes that Nigeria will only become the largest oil producer once again from mid 2020 onwards.
The agency said Angola would become the largest producer in Africa due to increased production and as a result of internal problems in Nigeria including mismanagement and theft which have led to delays to new investments.
Over 150,000 barrels of oil are stolen every day in Nigeria, which is the equivalent of over US$7 billion per year. (macauhub/AO)