Report : Eighth African Development Forum (ADF-VIII) Governing and Harnessing Natural Resources for Africa’s Development

Abstract

Africa held large proportions of the deposits of the world’s natural resources: 75 per cent of global deposits of platinum; 50 per cent of global deposits of diamonds; 50 per cent of global deposits of chromium; and 5 per cent of global deposits of gold and uranium. Furthermore, over 30 African countries were now oil and gas producers; 60 per cent of the world’s arable land was in Africa; 23 per cent of the continent’s land surface was rich in forest resources; and the Congo Basin was the world’s second largest forest. The paper remarked that African countries received smaller proportions of the profit sharing arrangements they have with the extractive industries as a result of the generous tax holidays enjoyed by the mining companies. Further pointed out that Africa lost nearly $629 million annually through illegal fishing, equivalent to the amount required to finance the infrastructure deficit of Mozambique. In order to achieve their development objectives, African countries to integrate the harnessing of their natural resources in their long-term development agenda.