Africa Progress Report 2013 focuses on oil, gas and mining. Over the past decade, Africa’s economies have been riding the crest of a global commodity wave. Extractive industries have emerged as a powerful engine of economic growth. Surging demand for natural resources in China and other emerging markets has pushed export prices to new highs – and the boom shows no sign of abating. Africa’s petroleum, gas and mineral resources have become a powerful magnet for foreign investment. With new exploration revealing much larger reserves than were previously known, Africa stands to reap a natural resource windfall.
According to the resource pessimists, as revenues generated by extractive industries rise, the quality of governance inevitably declines, reducing economic competitiveness and leaving the poor behind. The pessimists’ case is built on a long, inglorious history in which Africa’s resource wealth has financed colonial-era monuments in Europe, vast private fortunes of post-independence leaders like President Mobutu Sese Seko of Zaire (and some current rulers), and numerous civil wars. Meanwhile, progress in human development has been far less impressive, and most resource-rich economies have been locked into boom-bust cycles with episodes of unsustainable debt.
We do not share that belief. Far from being hostage to a non-curable resource curse, this generation of political leaders has an opportunity to harness resource wealth for a transformation in human development.
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