"Governments get huge amounts of money from a resource that belongs to the people. But in Africa there is little sign of profit sharing...''
NAIROBI (IPS) - Africa's abundance in natural resources, especially oil, has been called a curse because of the fierce global thirst that exists for these assets.
Oil and other mineral resources have led to conflict and corruption in countries like Sierra Leone (diamonds), Nigeria (oil), Equatorial Guinea (oil), the Democratic Republic of the Congo (diamonds, timber, rare fauna), Gabon (oil) and Angola (oil).
According to the Energy Information Administration, which supplies official statistics to the US government, there is more trade in oil globally than in any other product as oil from producing countries is shipped to consumer countries.
Millions of dollars are annually poured into Africa by international oil companies. Millions more are being spent in exploratory enterprises. It is a resource that is indispensable to the world economy. Therefore it should generate money to address the health and social issues of the oil-producing countries on the continent.
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