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Africa has a large quantity of natural resources including diamonds, salt, gold, iron, cobalt, uranium, copper, bauxite, silver, petroleum and cocoa beans, but also woods and tropical fruits. Much of its natural resources are undiscovered or barely harnessed. Having a low human density, for a long period of time Africa has been colonized by more dynamic groups, exploiting African resources. Some economists have talked about the scourge of raw materials, large quantities of rare raw materials putting Africa under heavy pressures and tensions, leading to wars and slow development. Despite these abundance of natural resources, claims suggest that many Western nations like the United States, Canada, France and the United Kingdom as well as emerging economic powerhouses like China often exploit Africa's natural resources today, causing most of the value and money from the natural resources to go to the West and East Asia rather than Africa, further causing the poverty in Africa.
African oil takes growing importance, mainly after the 2003 oil crisis and recent oil reserves discoveries. Sudan and Nigeria are two of the main oil producers. China owns 40% of Sudan's oil production. Oil is provided by both continental and offshore productions. Sudan's oil exports in 2010 are estimated by the United States Department of State at $9 billion with United States dollars. Five countries dominate Africa's upstream oil production. Together they account for 85% of the continent's oil production and are, in order of decreasing output, Nigeria, Libya, Algeria, Egypt and Angola. Other oil producing countries are Gabon, Congo, Cameroon, Tunisia, Equatorial Guinea, the Democratic Republic of the Congo and Côte d'Ivoire. Exploration is taking place in a number of other countries that aim to increase their output or become first time producers. Included in this list are Chad, Sudan, Namibia, South Africa and Madagascar while Mozambique and Tanzania are potential oil producers. Ore resources in Africa are abundant, and extremely more so nowadays as other continents are beginning to face depletion of resources. The copper belt in Katanga, the diamond mines in Sierra Leone, Angola, and Botswana are well known for their abundance and rich produce, albeit, also notorious for their level of corruption and links to rebel movements. The RUF (Revolutionary United Front) and the blood diamonds used to supply these rebel factions with arms is one such example. |
Africa’s natural resources have been the bedrock of the continent’s economy and continue to represent a significant development opportunity for her people. In 2012, natural resources accounted for 77% of total exports and 42% of government revenues.
Renewable Resources:
Close to 20 million people employed in the USD 24 billion fisheries sector,90 million depend on fisheries for livelihood,Africa is home to the second largest tropical forest,Over 70 percent of the Sub-Saharan population depend on forests and woodlands for livelihood.Land in Africa is an economic development asset as well as a social, cultural and ontological resource,It defines the social identity, the organisation of religious life, culture, gender, ethnicity and nationality.Water resources are contrasted across the continent,Africa is home to some of the highest annual rainfall in the heart of the Congo basin,It is also the second world’s driest continent
Renewable Resources:
Close to 20 million people employed in the USD 24 billion fisheries sector,90 million depend on fisheries for livelihood,Africa is home to the second largest tropical forest,Over 70 percent of the Sub-Saharan population depend on forests and woodlands for livelihood.Land in Africa is an economic development asset as well as a social, cultural and ontological resource,It defines the social identity, the organisation of religious life, culture, gender, ethnicity and nationality.Water resources are contrasted across the continent,Africa is home to some of the highest annual rainfall in the heart of the Congo basin,It is also the second world’s driest continent
Non-Renewable Resources:
About 30% of the world known reserves of minerals, About 10% of oil and 8% of gas resources.Largest cobalt, diamonds, platinum, and uranium reserves in the world,Comparably low level of exploration.In 2012, mining, oil and gas accounted for 28% of the continent’s GDP.
About 30% of the world known reserves of minerals, About 10% of oil and 8% of gas resources.Largest cobalt, diamonds, platinum, and uranium reserves in the world,Comparably low level of exploration.In 2012, mining, oil and gas accounted for 28% of the continent’s GDP.
Africa’s economic fortunes have changed dramatically in the past decade. Economic growth –especially in countries rich in natural resources – has been driving up average incomes, and most countries have recovered from the past years’ global recession.
Some resource-rich countries have made impressive strides in improving the lives of their people.But overall progress has been uneven – and in some areas it has fallen short of expectations. Aftera decade of strong growth, several of Africa’s resource-rich countries remain at the bottom of the international league-table for human development. Others register some of the world’s largest inequalities in wealth and in wellbeing, as captured by indicators such as life expectancy and education.
Chapter One of the report reviews the record of the past decade and the potential for resource wealth to accelerate human development. Chapter two looks at the gap between wealth and wellbeing in resource-rich countries, and explores the complex and varied interaction between economic growth, inequality and poverty reduction. Chapter three documents the environmental threats posed by extractive industries, their failure to provide a long-term boost to local economiesand job markets, and the risks and opportunities presented by artisanal mining.
Some resource-rich countries have made impressive strides in improving the lives of their people.But overall progress has been uneven – and in some areas it has fallen short of expectations. Aftera decade of strong growth, several of Africa’s resource-rich countries remain at the bottom of the international league-table for human development. Others register some of the world’s largest inequalities in wealth and in wellbeing, as captured by indicators such as life expectancy and education.
Chapter One of the report reviews the record of the past decade and the potential for resource wealth to accelerate human development. Chapter two looks at the gap between wealth and wellbeing in resource-rich countries, and explores the complex and varied interaction between economic growth, inequality and poverty reduction. Chapter three documents the environmental threats posed by extractive industries, their failure to provide a long-term boost to local economiesand job markets, and the risks and opportunities presented by artisanal mining.