Widening the Corridor Between US & Canada and Africa
US head IOC's are increasingly focusing on investing their time and money in exploring the mining, oil and gas sector in Africa.
Africa, which has considerable oil and gas resources and produces more than sixty metal and mineral products, has a huge potential with respect to the exploration and production of natural resources. In a report issued by the World Bank in March 2011, "Africa's Future and the World Bank's Support to it" Africa was identified as being on the verge of an economic take-off similar to how India did 20 years ago and China did 30 years ago.
The continent's growth has largely been due to natural resources in general, however, more specifically, oil and gas has played a major role. Although Nigeria, Libya, Algeria and Angola have been the dominant producers of the latter, in total, nineteen African countries are significant producers of oil and/or gas. Of recent, significant discoveries have been made in Kenya, Uganda, Tanzania, Mozambique amd Ghana.
On the mining front, approximately 30% of the world’s total mineral reserves and even a higher share of deposits of diamonds, vanadium, manganese, platinum, cobalt and gold reside under the African earth. East Africa in particular is the new frontier, attracting considerable investment from leading foreign investors which are seeking to expand into emerging markets in developing countries. Africa's mining, oil and gas industries are offering unparalleled opportunities.
If used strategically, revenues generated from the natural resources sector can help to completely, structurally transform the African economies and strengthen their comparative advantage, achieving greater economic diversification. In order to unlock the full potential, there is the pressing need to reform the current economic and fiscal frameworks, build local skills and capacity, concentrate efforts on socio-economic factors and focus on revenue and resource management.
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