Underdevelopment and natural resource abundance in Africa

Abstract

It is common knowledge that the African continent is very richly endowed with vast natural resources. These resources range from agriculture to fossil fuels and solid minerals. Ironically also, 38 of the 43 countries designated as the poorest, are African countries. There is therefore enormous potential wealth from these natural resources along with abject poverty in many countries. Some researchers have even suggested that natural resources are a curse rather than a blessing on countries because empirically, the countries that have shown the fastest rate of economic transformation and technological progress have not been historically endowed with significant natural resources.