Oil boom eludes Equatorial Guineans

Equatorial Guinea is Africa’s third-largest exporter of oil and gas, but the vast majority of its 500,000 people live in dire poverty.

The small country pumps out nearly 300,000 barrels of oil each day but the production in effect controlled by foreign companies, leading to fears that Equatorial Guinea is not developing the skills of its own people.

There are also concerns that Eqauatorial Guinea will become too dependent on just one export – like most oil-rich African nations.

Al Jazeera’s Yvonne Ndege reports from the capital, Malabo.