Equatorial Guinea gained independence in 1968 after 190 years of Spanish rule; it is one of the smallest countries in Africa consisting of a mainland territory and five inhabited islands. The capital of Malabo is located on the island of Bioko, approximately 25 km from the Cameroonian coastline in the Gulf of Guinea. Between 1968 and 1979, autocratic President Francisco MACIAS NGUEMA virtually destroyed all of the country's political, economic, and social institutions before being deposed by his nephew Teodoro OBIANG NGUEMA MBASOGO in a coup. President OBIANG has ruled since October 1979. He has been elected several times since 1996, and was most recently reelected in 2016. Although nominally a constitutional democracy since 1991, presidential and legislative elections since 1996 have generally been labeled as flawed. The president exerts almost total control over the political system and has placed legal and bureaucratic barriers that hinder political opposition. Equatorial Guinea has experienced rapid economic growth due to the discovery of large offshore oil reserves, and in the last decade had become Sub-Saharan Africa's third largest oil exporter, though in 2018 it slipped to 5th place. Despite the country's economic windfall from oil production, resulting in a massive increase in government revenue in recent years, the drop in global oil prices has placed significant strain on the state budget. The country has been in recession since 2014. Oil revenues have mainly been used for the development of infrastructure and there have been limited improvements in the population's living standards. Equatorial Guinea continues to seek to diversify its economy and to increase foreign investment. The country hosts major regional and international conferences and continues to seek a greater role in international affairs, and leadership in the sub-region.