Job creation is one of the ways to improve an economy. But, it takes active investments in infrastructure, technology, and manufacturing to sustainably create jobs.
As inflation rises and economies begin to feel it, the U.S. is arguing against being in a recession because its unemployment rate remains at 3.6%, the lowest since 2020. The case is different in Angola, just like in other African countries. Unemployment is at 32.90% in Angola, meaning that its youth and many of the working population are out of jobs.
However, something new is brewing in the oil-producing nation. After recently overtaking Nigeria to become the largest oil-producing country in Africa, Angola partnered with the Africa Finance Corporation and attracted a $100 million investment in the construction of its Cabinda Refinery. AFC looks to invest up to $1 billion across sectors in Angola including power, transport, and infrastructure, in a bid to drive up job creation, open up the economy, and most importantly let the country increase its energy outputs.
Angola is doubling efforts to increase its oil production capacity and serve the needing nations as the Ukraine-Russia crisis continues to affect the global supply chain. This initiative will create thousands of jobs, wind up its exports, and increase its reserves. Indeed, Angola is on the path of turning its oil into jobs.
Here are this week's top stories on The Draft and top funding deals, including a China-focused investment firm that raised $700 million to invest in tech startups in China, a UAE-based venture fund that secured $30 million to invest in startups in the Middle East, and a Switzerland-based investment firm that raised $20 million of its $30 million Fund II target to invest in tech startups across the emerging markets in Asia, Africa, MENA, and Latin America.