The article is devoted to the history of the development of Guinean-Spanish relations in the mid-late 20th century during the dictatorship of Macias Nguema in Equatorial Guinea. The authors conclude that the dictatorship of M. Nguema caused enormous damage to the country's economy and led to the rupture of bilateral Guinean-Spanish relations. Only in recent years, the country's economy has received an impetus for development due to the intensive development of international relations with the former metropolis of Spain, as well as other EU countries. The economy is based on the oil sector.