Transcription of CHAPTER 4 Africa’s Natural Resources: The Paradox of Plenty
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CHAPTER 4 Africa’s Natural Resources: The Paradox of Plenty
IntroductionAfrica is blessed with vast Natural resourcesand rich environments (see Chapters 2 and3). It is generously endowed with pro-ductive land and with valuable naturalresources, which include renewableresources (such as water, forestry, andfisheries) and non-renewable resources(minerals, coal, gas, and oil). Naturalresources dominate many nationaleconomies and are central to the livelihoodsof the poor rural majority. These resourcesare the basis of income and subsistence forlarge segments of Africa s population andconstitute a principal source of publicrevenue and national the right circumstances, a naturalresource boom can be an important catalystfor growth, development, and the transitionfrom cottage industry to factory
mineral resources.1 In particular, oil resour-ces and other point resource-dependency could, with the wrong policies, lead to this scenario. The failure of natural resource wealth to lead to the expected economic growth and development has been attributed to several factors, including • the so-called “Dutch Disease” — the
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