Is Ethiopia rich in oil resources?

Yes, but not rich. The economy is dominated by agriculture and animal husbandry, and it is one of the countries with the largest variety of crops in Africa. Grain mainly produces moss bran, followed by barley, wheat, sorghum and corn. The origin of coffee is Africa, which ranks second in the world in terms of output. There are beans, Nuge (oil chrysanthemum), rape, cotton, sesame, flax and so on. The specialties are chattering and kudzu vine. Africa has the most livestock. In addition to cattle, sheep, horses, donkeys, mules and camels, Gaoshan people also have precious animals and civets. Food processing and textile are the main industrial sectors, as well as tanning, shoemaking, chemical industry, wood processing, cement, oil refining, steel, agricultural machinery and tool repair shops. Mining a small amount of gold, platinum, manganese and salt, as well as oil, natural gas, copper, asbestos and other mineral deposits. Hydropower and geothermal resources are abundant, but they are rarely exploited. Agricultural and livestock products account for more than 95% of the total export value, and coffee, hides, vegetables, oilseeds and beans are the main export commodities. Imports are mainly machinery, vehicles, chemical products, crude oil and textiles. The railway from Addis Ababa to neighboring Djibouti is the main channel for foreign exchange.

One of the least developed countries in the world. Mainly based on agriculture and animal husbandry, the industrial base is weak. During mengistu's administration, the economy nearly collapsed due to constant civil strife, improper policies and frequent natural disasters. After EGFP came to power, it implemented the development strategy of taking economic construction as the center and agriculture and infrastructure construction as the guide, and made a transition to a market economy, with rapid economic recovery, with an average annual economic growth of 7% from 1992- 1997. From 65438 to 0995, the five-year plan for peace, democracy and development was implemented, structural adjustment and reform were accelerated, and the investment law was promulgated and revised in order to attract domestic and foreign private investment, expand employment, alleviate poverty, reduce deficits and strive for the sustainable development of the national economy. 1After the border conflict between Egypt and Eritrea broke out in 1998, Egypt spent a lot of development funds on the war. Coupled with the freezing of aid from the West, foreign investment dropped sharply, and it suffered a severe drought, which greatly reduced grain production and frustrated economic development. 200 1 Taking the progress made in the peace process between Egypt and Eritrea as an opportunity, the Egyptian government turned its focus to economic construction. In 2002, the government implemented the plan of sustainable development and poverty reduction, and successively adopted measures such as revising investment and immigration policies, reducing export taxes and bank interest rates, strengthening capacity building and popularizing vocational and technical training, which were affirmed by international financial institutions. However, due to the severe drought in 2002, the economic growth rate slowed down and resumed in the following year. Since 2005, the government has continuously increased agricultural investment, strived to improve agricultural productivity, vigorously developed emerging industries, export-oriented industries, tourism and aviation industries, and attracted foreign investment to participate in the development of energy and mineral resources in Egypt. The above measures have achieved remarkable results. The main economic figures for that year are as follows:

GDP: US$ 8.8 billion (Source: World Bank)

GDP growth rate: 7.9% (predicted by international economic institutions)

Per capita GDP: 12 1 USD.

(Source: International Monetary Fund)

Currency name: Ethiopian bill, 1 bill = 100 cents.

Exchange rate: 1 USD ≈8.67 Birr.

Inflation rate: 10.9%

The proven mineral resources include gold, platinum, nickel, copper, iron, coal, tantalum, silicon, potassium salt, phosphate, marble, limestone, oil and natural gas. Companies from Malaysia, Saudi Arabia, Britain, Sudan, Jordan and other countries are developing oil and gas in Egypt. Rich in water resources, it is known as "East Africa Water Tower". There are many rivers and lakes in China, where the Blue Nile originates, but the utilization rate is less than 5%. Because of reclamation, 200,000 hectares of forests are reduced every year, and the forest coverage rate is 2.3%.