Managing Oil Rent for Sustainable Development and Poverty Reduction in Africa (original) (raw)

Abstract

Despite the potential for social and economic development provided by oil generated wealth, the lack of accountability and transparency in revenues has exacerbated poor governance, conflict and poverty in the majority of oil dependent countries in Africa. Against the background of the new oil boom and the poor state of public institutions, a major development challenge at the turn of the century is thus how oil revenue could be better managed to engender growth and poverty reduction. This paper evaluates the various options for managing oil rent and argues that the current push for transparency in the oil industry is necessary, but in itself not sufficient. It recommends a holistic approach involving a range of measures by developed nations, extractive industries and the countries themselves in managing oil wealth as well as strengthening the capacity of civil society to monitor transparency. Ultimately, it is unlikely that African oil exporters will be able to use oil windfalls to fuel poverty reduction without improving their democratic institutions and administrative capacity.

Afeikhena Jerome hasn't uploaded this paper.

Let Afeikhena know you want this paper to be uploaded.

Ask for this paper to be uploaded.