President Brice Clotaire Oligui Nguema announced Saturday that Gabon will target 10% annual economic growth under the Fifth Republic, setting an ambitious benchmark that would nearly triple the country’s recent performance.
Oligui Nguema, who led a transition government following an August 2023 coup and won presidential elections in April 2025, described himself as the first elected president of the Fifth Republic in his Independence Day address.
“The time has come for building a stronger and more prosperous economy for the benefit of Gabonese,” he said. “To achieve this, we must aim for a growth rate of 10%.”
The target represents a sharp acceleration from Gabon’s recent economic performance. The World Bank reports Gabon’s GDP grew 3.4% in 2024, while the economy averaged 2.6% annual growth over the past decade.
The president outlined two key initiatives to drive growth. The government has established a 25 billion CFA franc ($41 million) fund for young entrepreneurs and farmers through the Banque pour le Commerce et l’Entrepreneuriat du Gabon, offering loans at a 5% interest rate.
A digital innovation program launching in 2026 will provide 10,000 computers to young tech entrepreneurs as part of broader digitalization efforts.
The president acknowledged limited uptake of existing programs. “Given the low enthusiasm observed, I again invite young people to emerge from passivity to seize the opportunities offered by different sectors waiting to be developed by Gabonese companies,” he said.
Gabon’s economy remains heavily dependent on oil, which accounts for more than half of merchandise exports. The president emphasized economic sovereignty and increased local processing of natural resources.
The country’s unemployment rate was estimated at 28.8% in 2021, with poverty affecting 33.4% of the population despite natural resource wealth.
Oligui Nguema came to power through a military transition in August 2023 that ended the Bongo family’s 56-year rule.
After leading a transitional government, he won presidential elections in April 2025, establishing the Fifth Republic. Legislative and local elections are scheduled for the coming period.
The president announced that a Community Development Plan covering 2026-2032 will guide economic policy, based on “coherent public policies founded on correct data and aimed at harmonious and sustainable development.”
According to the World Bank’s 2024 economic update, Gabon faces challenges including potential gradual depletion of oil reserves, rising borrowing costs, and strong social spending pressures.
The growth target comes as the country’s fiscal revenues increased to 23.4% of GDP in 2023, supported by strong oil production and enhanced tax collection.
