While the oil and gas sector currently dominates Equatorial Guinea’s economy, the forestry industry presents significant opportunities for diversification and environmental sustainability. Forests cover around 80% of the country’s land area, with valuable commercial species including oukoumé, sipo, and azobé. However, timber exports only account for a small fraction of GDP, indicating untapped potential.
As the data shows, forestry contributes a modest but not insignificant portion of GDP. With careful management, this renewable resource could be developed to a much greater extent. Currently, Equatorial Guinea maintains relatively low deforestation rates. However, degradation is on the rise and poses risks without proactive measures. By promoting best practices in agroforestry, reforestation, and wood processing, RFC can help maximize economic benefits from this sector while ensuring its long-term viability.
Equatorial Guinea has an opportunity to establish itself as a leader in sustainable forestry. RFC is well-positioned to support this through technical expertise in forest management certification schemes and wood tracking technologies. Engaging local communities and developing skills training programs will also be crucial to building an industry with equitable social and environmental outcomes.
Partnering with groups implementing REDD+ projects could generate carbon credits to reinvest in rural development. There is also potential to use plantation forestry to produce wood for construction, furniture, and the growing Chinese market. With proper oversight and investment in processing infrastructure, a robust domestic market for finished wood products can be developed.
By taking a holistic, green approach and leveraging international partnerships, RFC can help Equatorial Guinea realize forestry’s potential as a pillar of long-term economic diversification and environmental sustainability. Sustainable management of this renewable resource sector will be key to the country’s future prosperity.