Malabo, the capital of Equatorial Guinea, is set beautifully between the cloud-capped Pico Malabo on one side and high ocean waves on the other. Unfortunately there are no good beaches nearby, and there are no agencies to arrange a hiking trip in the inland, but the city has quite some tourist potential nevertheless.
For the moment it's just potential. The city is pretty rundown and with just a handful of restaurants and hotels worthy of the name, Malabo lacks a lot of infrastructure. It does have numerous bars, however, where you can get a quick shot of booze.
A trip to Luba or even Riaba are absolutely worthwhile. It gives you an impression of the scenery of the island and both have good beaches. On the way to Riba you can see the Moka Valley with its crater lake.
Malabo is improving slowly with the influx of oil money, there is a good Pizza restaurant and a couple of Chinese now (2004/5). Remember always that this place is ruled by a vicious military dictatorship rivalling that in Zimbabwe. Travel anywhere is difficult especially to Riaba which is the home town of the Bubi tribe, downtrodden enemies of the Fang Tribe Government.
Forget Hiking, it doesn't happen. Plenty of nasty snakes, mosquitoes the size of sparrows (these cause Cerebral Malaria - Lariam tablets are essential).
The sea can be nice, there are even whales to be seen at certain times, however at other times watch out for the sharks, jelly fish and other assorted nasties! The best view to be seen from Malabo is across the water 30 miles to the active Volcano Mount Cameroon.