The World Bank says using digital technologies can assist Equatorial Guinea's government diversify its economy, which is primarily based on oil.

According to the bank, the adoption of digital technologies has the potential to boost the productivity of small and medium-sized enterprises, encourage innovation, and create high-skilled jobs in the West African country.

The Brentwood Institution notes that digital transformation could be an important catalyst to diversifying Equatorial Guinea's economy in the next few years.

The World Bank and the Government of Equatorial Guinea, with support from the Digital Development Partnership (DDP), developed the Digital Economy Country Diagnostic report for Equatorial Guinea, which states that the country must increase its efforts to capture a larger share of the digital economy's dividends.

The report focuses on Equatorial Guinea's difficulties and potential in five areas of the digital economy: digital infrastructure, digital public platforms, digital financial services, digital companies, and digital skills.

“Looking at the size of Equatorial Guinea’s economy, digital marketplace platforms can help firms to expand and access other markets, which could be especially important to stimulate the development of the private sector in the country,” said Aissatou Diallo, resident representative for Equatorial Guinea.

The study also includes a number of concrete, actionable, and prioritised recommendations for Equatorial Guinea to create a thriving, safe, and inclusive digital economy.

The World Bank says these are designed to shape future conversation between the Equatorial Guinean government, the business sector, and the country's technical and financial partners in order to catalyse action and facilitate the country's rapid digital transition.

"Going forward, it is essential for the Government of Equatorial Guinea to undertake concerted reform efforts across the five pillars, while addressing the following cross-cutting issues: Improving data quality, coverage, and usage; improving institutional coordination and access to reliable electricity; strengthening the implementation of the legal and regulatory framework; and bridging the island-continental digital divide and gender gap,” said Camila Mejia Giraldo, World Bank senior digital development specialist and lead author of the report.