Natural Resources Africa is a platform that gives you the latest Natural Resource updates across Africa, plus uses and various opportunities available in the market.
Africa has significant natural resource wealth. The region is home to the world’s largest arable landmass; second largest and longest rivers (the Nile and the Congo); and its second largest tropical forest. The total value added of its fisheries and aquaculture sector alone is estimated at USD 24 billion. In addition, about 30% of all global mineral reserves are found in Africa. These include cobalt, uranium, diamond, gold, sugar, salt, iron, cobalt, copper, bauxite, silver, petroleum, cocoa beans, woods, tropical fruits as well as significant oil and gas reserves.
The continent’s proven oil reserves constitute 8% of the world’s stock and those of natural gas amount to 7%. Minerals account for an average of 70% of total African exports and about 28%
of gross domestic product.
The African continent is well endowed in terms of natural resources and significant reserves in comparison to world reserves, and sometimes even in large percentages, which indicates that some materials, such as coltan, are only found in Africa.
Given this natural wealth, it comes as no surprise that with the tripling of global mineral and oil prices in the past decade, mining has exploded on the African continent.
Africa’s natural resources provide a unique opportunity to foster human and economic development. However, there are significant obstacles preventing African countries from realizing this potential.
First, there are sustainable development and governance challenges, including environmental problems, desertification, resources conservation, the displacement of communities from traditional lands, a lack of clear national policy directions, and poor investment decisions and revenue management, weak institutions lead to poor border controls, a lack of human security, a drop in investment, poor policy choices as well as a decline in biodiversity and
For Africa to manage its resources effectively, fiscal, legal, and environmental antidotes to resource mismanagement will be needed
Also practical measures for resource-rich developing African countries to transform natural resources into valuable assets that can help create jobs, boost human resources, and improve living and working conditions of its people.