Overview
The PDN (Plano de Desenvolvimento Nacional 2023-2027) is Angola’s National Development Plan, the government’s primary medium-term policy framework for economic growth, structural reform, and social development. Approved by presidential decree, the PDN establishes targets and priorities across all sectors of the economy, serving as the strategic roadmap for government action and investment during the five-year period. For investors, the PDN signals the government’s priorities on economic diversification, infrastructure investment, and institutional reform.
Strategic Pillars
The PDN 2023-2027 is organized around several strategic pillars:
| Pillar | Key Objectives |
|---|---|
| Economic diversification | Reduce oil dependency; develop agriculture, mining, fisheries, manufacturing, and tourism |
| Human capital development | Improve education, healthcare, and vocational training for a population of 37.9 million (median age 16.7) |
| Infrastructure | Transport (Lobito Corridor, Benguela Railway), energy, water, and digital connectivity (Angola Cables) |
| Governance and institutional reform | Strengthen public administration, judiciary, and anti-corruption frameworks |
| Private sector development | Create an enabling environment for domestic and foreign investment through PIP reforms and AIPEX facilitation |
| Social inclusion | Poverty reduction, financial inclusion (ENIF), and social protection systems |
Economic Diversification Targets
The PDN’s most investor-relevant component is its diversification agenda. Key sector targets include:
Agriculture
Increasing cultivated area and productivity to reduce Angola’s estimated $3-5 billion annual food import bill. Projects like Aldeia Nova and government investment in irrigation, rural roads, and agricultural credit align with PDN targets. The PRODESI programme operates as the implementation mechanism for import substitution and export development.
Mining
Expanding Angola’s mining sector beyond diamonds (Endiama) to develop iron ore, manganese, phosphate, and other mineral deposits. The PDN targets increased geological survey coverage and streamlined licensing through the mining regulatory framework.
Financial Services
Deepening the capital markets through BODIVA development, expanding the insurance sector (ENSA listed on BODIVA; supervised by ARSEG), and increasing banking penetration (credit-to-GDP currently at 14.63%).
Technology and Digital Economy
Leveraging Angola Cables’ submarine cable infrastructure and mobile operators like Unitel to build a digital economy. The PDN targets increased internet penetration, e-government services, and fintech development.
Privatization (PROPRIV)
The PDN incorporates the PROPRIV state enterprise privatization programme as a key structural reform. PROPRIV targets the partial or full divestiture of state-owned companies to:
- Improve operational efficiency through private management
- Generate fiscal revenue for the state
- Develop BODIVA’s equity market through IPO listings
- Attract foreign direct investment and technical expertise
Entities under PROPRIV include ENSA (listed October 2024), BFA (listed September 2025), Endiama, TAAG, and Unitel.
Fiscal and Monetary Policy Framework
The PDN operates within a macroeconomic framework shaped by:
- MINFIN’s fiscal consolidation trajectory (debt-to-GDP at 59.9%)
- BNA’s monetary policy targeting inflation reduction (15.7% as of December 2025, with the policy rate at 17.5%)
- IMF guidance through Article IV consultations and technical assistance
- Sovereign credit constraints (S&P B- / Moody’s B3 / Fitch B-) that limit external borrowing capacity
Investor Considerations
The PDN is the government’s statement of intent, and investors should assess implementation progress rather than targets alone. Key monitoring metrics include non-oil GDP growth rates (INE data), PROPRIV transaction completions, infrastructure project milestones, and the legislative reforms needed to enable private sector participation. The PDN’s success determines whether Angola’s investment narrative shifts from oil dependency to a diversified growth story, which would be transformative for the valuation of BODIVA-listed securities and the trajectory of sovereign credit ratings.