Citi executive Grant Carson, who oversees several African markets including Angola, told Bloomberg that greater political and economic stability was making the country more attractive for foreign direct investment, infrastructure projects and other long-term investment. He spoke on the sidelines of the African Financial Industry Summit in Luanda.

Angola depends on crude for about 90% of export revenues. Carson said recent deals in banking, tourism and agriculture reflected the gathering pace of efforts to move beyond an extraction-led economy.

Transport links are another focus. The U.S.-backed Lobito Corridor is a railway network intended to connect mineral-producing regions in the Democratic Republic of Congo and Zambia with Angola’s Atlantic port of Lobito. State oil company Sonangol is also seeking stakes and a presence in domestic critical-minerals development.

Fitch Ratings affirmed Angola’s Long-Term Issuer Default Ratings at 'B-' with a Stable Outlook last week, while warning that the country remained vulnerable to global oil prices. Production is expected to stay broadly stable at around 1 million barrels per day over the next year. New and incremental projects should later offset natural decline and help stabilize output, Fitch said.

Oil accounts for close to 60% of fiscal revenues and 95% of exports, Fitch noted, leaving fiscal and external financing conditions highly exposed to oil-sector developments and prices.