Africa – from petrodollars to progress


African states rich in resources are striving to increase domes tic involvement in their economies – especially in oil and gas. In attempting to increase domestic participation throughout the value chain, some African states have begun introducing local content laws, supporting industrial diversification and creating a broader economic base for the future. If effective, these measures could provide a framework to enable resource rich states to benefit from Africa’s potential and transform their economies.

Africa holds around 8 per cent of the world’s oil and natural gas reserves. Some states have developed their oil and gas sectors significantly. Nigeria and Angola, in particular, have established themselves as exporters and borrowers in the international market, and rank as the top two producers in sub Saharan Africa. Buoyed by significant new energy finds, other states, such as Ghana, the Ivory Coast, Kenya, Tanzania, Uganda, Mozambique and Chad, offer new opportunities. In 2012, about half the world’s discoveries of conventional oil and gas were in East Africa alone.

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