Despite being heavily endowed with these resources, Africa falls below the ultimate benefits of these resources. The region stands as a key territory in the Global map, this position should cause us to prosper. Although the realization hasn’t been in full glory, this is, as a result, of diverse factors that hinder such benefits. Some of these factors are growth catastrophe; there is a general ideation that Africa is deficient of vital elements needed for growth such as human capital, standard, and international trade and economy, quality public infrastructure, etc. another factor raised is the ability not being to add value to these resources as well as stings of corruption present in the institutions that govern the benefits and works of these natural resources leading to poverty.
Despite all the negatives factors, some countries in Africa have gone up and beyond turning these natural resources into their favors. Below are some countries, who are gradually turning the wheels around:
Diamond : One of Africa’s diamond hubs, with its strategic partnership with Debswana, a mining company in Botswana, the country has been able to boost its revenue as 76% of their revenue is from diamond. This partnership between the Government and the company has slowed turn the economy around fueling major development leading to economic freedom. Whiles the ideology lingers that Africa can’t do much with their resources the same can’t be said for Botswana. The nation is gradually becoming the fastest growing economy.
- Liberia- Palm Oil
Liberia is gradually embracing the blessing of the palm oil. The development of this resource has foster economic growth and expanding international trade. Although, Liberia has vast arable land and forests, and exports timber to other parts of the world including Asia, China, and Europe. The benefits of Palm Oil is steadily rising up in Liberia. The production of has grown immensely and has currently, alleviating poverty slowly. This resource is seen as a potential element to stir up the prosperity of the then war zone country, leading to massive support in local agriculture, economic development which includes providing more jobs, human growth and export opportunities.
- Ivory Coast
Ivory Coast has always been known as a country built on the wings of cocoa. Cocoa means everything in the land of Abidjan. This natural resource serves as the first income and strong element in the nation’s economy, the product has funded education for most individuals in the nation, the foundation of most amenities and public structures has been obtained through activities of coca. The land of Ivory Coast thrived on cocoa, in simple words. Cocoa is Ivory Coast, and Ivory Coast is Cocoa.
Ivory Coast and Ghana are the largest producers, followed by Nigeria and Cameroon. Although there are challenges such as a high incidence of pests and diseases, lack of soil nutrients, etc. Ivory Coast has been able to surpass these challenge moving strong with the production of coca and reaping its utmost benefits.
Ethiopia is simply known as the motherland of coffee, this natural resource sums up as one of the country’s solid foreign revenue source. As a country that is working towards rapid economic growth, Ethiopia has always been in the coffee production business pushing the activities to another angle of economic progress. Their production of coffee premium has reached global markets due to its smooth taste, aromatic, and earthy tones. Ethiopia is among the world’s most distinctive coffee origins as well as one of the world’s finest. This has given them an upper rise in their economic development in the country
Nigeria can be described as oil-rich country. The country heavily depends on its oil resources, producing huge sum of money for the nation. Nigeria produces 800 million barrels of oil per year, and often more. These figures spell out the kind of economic benefit the nation obtain. Although the country has a huge population, the benefits of their oil production goes a long way to facilitate majority of their development agenda.
Africa can forever boost of its advantageous natural resource no wonder it is called mother Africa because of its abundance resource it provides to its region and the world as a whole. Although more work and effort can be put into harness the region’s natural resources to obtain its full benefits, Africa is on right path and direction to achieve this purpose however, we should not forget that the wealth of Africa has always been present and now is the time to go all out to get it.
Article from AFRIC Editorial
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